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 7,600 pounds of oysters in August. The company's flexible budget for August appears below look 9.600 Print Quilcene Oysteria Flexible Budget For the Month Ended August Actual pounds (9) Revenue (84.059) Expentei Packing supplies (56.25) oyster bed saintenance (5),200) Wages and salaries ($2,500 + $0.404) Shipping (50.65) Utilities (51,290) Other (5400 50.019) Total expense Niet operating Income 1,900 1.200 5.50 4,940 1.250 Terences 172436 $ 13,354 The actual results for August appear below Oullcene Oysteria Incone Statent For the Month Ended August 13 The actual results for August appear below. Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 Revenue $ 26,900 Expenses : Packing supplies 2,070 Oyster bed maintenance 3,060 Wages and salaries 5,950 Shipping 4,670 utilities 1,100 Other 1,176 Total expense 18,026 $ 8,874 Net operating income Required: Calculate the company's revenue and spending variances for August (Indicate the effect of each variance by select forhle "Il" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 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 (ie, zero variance). Input all amounts as positive values.) Que Oyster Ravenue and Spending Variances For the Month Ended Augun 31 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other nces Total expense Net operating income