Exercise 9-2 Prepare a Report Showing Revenue and Spending Variances (LO9-2] Quikene Oysteria forms and sells oysters in the Pacific Northwest. The company harvested and sold 7400 pounds of oysters in August. The company's flexible budget for August appears below. Quiteene Oysteria Flexible budget For the Month Ended August 31 hetual pounds (9) $ 30,340 2.220 Revenge (04.10 Expenses Tacking supplies (30.300) Oyster h i ntenance (6),600) Nages and salaries (82,200 30.3591 Shipping (80.55) Utilities (81,270) Other (8420 + $0.019) Total expense het operating income 1,270 16 The actual results for August appear below. guleene Oysteria Income Statement For the Month Ended August 31 Actual pounde $ 27.200 2.390 3.CO 5.200 Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Het operating income 1,080 17.044 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 .e., zero variance). Input all amounts as positive values.) Quillcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other F F