Exercise 9-2 (Algo) Prepare a Report Showing Revenue and Spending Variances [LO9-2] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters In August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (Q) 7,400 Revenue ($4.15q) $30,710 Expenses: Packing supplies ($0.35q) 2,590 oyster bed maintenance ($3,000) 3,000 wages and salaries ($2,000 +$0.400) 4,960 Shipping ($0.750) 5,550 utilities ($1,250) 1,250 other ($470 50.014) 544 Total expense 17,894 $ 12,816 Net operating income The actual results for August appear below: Quilcene oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies 7,400 $27,000 2,700 The actual results for August appear below. Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,400 Revenue $27,000 Expenses: Packing supplies 2,760 935 oyster bed maintenance 2,660 wages and salaries 5,370 Shipping 5,280 Utilities other Total expense 1,060 1,104 18,494 $8,506 Net operating income ences Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue: Expenses Packing supplies 3,710 U Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue $ 3,710 U Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income