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: 7,600 $31,540 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.159) Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,180) Wages and salaries ($2,100 + $0.459) Shipping ($0.759) Utilities ($1,250) Other ($450 - 50.019) Total expense Net operating income 2,660 3, 100 5,520 5,700 1,250 526 18,756 $ 12,784 The actual results for August appear below: Quitcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 Revenue $ 27,000 Expenses: Packing supplies 2,830 Oyster bed maintenance 2,960 $ 27,000 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,830 2,960 5,930 5, 430 1,060 1,146 19, 356 $ 7,644 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 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 Not operating income