Exercise 9-2 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 7900 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended A 31 Actual pounds (9) 7.900 03.10 3,400 5,755 Revenue (54.209) Expenses: Packing supplies (50.35) Oyster bed maintenance ($3,400) Wages and salaries ($2,200 + $0.459) Shipping (50.709) Utilities (51,210) Other (5470 + 30.014) Total expense Net operating income 1,210 5.49 19,209 $ 13,971 The actual results for August appear below Quilcene Oysteri Income Statement For the Month Ended August 31 Actual pounds 7.900 Revenue S2-500 Expenses Packing Supplies 2.995 Oyster bed maintenance 3,260 Wages and salaries 6,165 Shipping 5,260 Utilities 1,020 Other 1189 Total expense 19, 809 Net operating income $ 7.691 Required: Calculate the company's revenue and spending variances for August (indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect i.e., zero variance). Input all amounts os positive values.) The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,980 $ 27,500 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,935 3,260 6,165 5,260 1,020 1,169 19,809 $ 7,691 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" 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