Exercise 9-2 Prepare a Report Showing Revenue and Spending Variances (L09-2) Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters i August. The company's flexible budget for August appears below: 7,900 $ 31,995 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.059) Expenses Packing supplies ($0.309) Oyster bed maintenance ($3,100) Wages and salaries ($2,000 + $0.359) Shipping ($0.659) Utilities ($1,280) Other ($500 + $0.019) Total expense Net operating income 2,370 3,100 4,765 5,135 1,280 579 17.229 $ 14,766 The actual results for August appear below. The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,900 $ 26,900 Revenue Expenses : Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,540 2,960 5,175 4,865 1,090 1,199 17,829 $ 9,071 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "P" for favorable, "UY for unfavorable, and "None" for no effect (l.e., zero variance). Input all angounts as positive values.) 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 fi.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 Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income s