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 7,300 pounds of oysters in August. The company's flexible budget for August appears below. 7.300 $ 29,565 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.059) Expenses: Packing supplies (50.300) Oyster bed maintenance ($3,100) Wages and salaries ($2,200 + $0.35) Shipping ($0.65) Utilities ($1,220) Other ($480 + $0.019) Total expense Net operating income 2,190 3,100 4,755 4,745 1,220 553 16,563 $ 13,002 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,380 Revenue $27.380 Expenses: Packing supplies 2,360 Oyster bed maintenance 2.950 Wages and salaries 5,165 Shipping 4,475 Utilities 1. e3e Other 1,173 Total expense 17. 163 $ 10,137 Net operating income 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 (.e., zero variance). Input all amounts as positive values. Dulcene Oysteria Other Total expense Net operating income 1.030 1,173 17,163 $ 10,137 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 Net operating income