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 7,400 pounds of oysters in August. The companys flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,400 Revenue ($4.25q) $ 31,450 Expenses: Packing supplies ($0.40q) 2,960 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,300 + $0.25q) 4,150 Shipping ($0.55q) 4,070 Utilities ($1,220) 1,220 Other ($500 + $0.01q) 574 Total expense 16,374 Net operating income $ 15,076 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,400 Revenue $ 26,900 Expenses: Packing supplies 3,130 Oyster bed maintenance 3,260 Wages and salaries 4,560 Shipping 3,800 Utilities 1,030 Other 1,194 Total expense 16,974 Net operating income $ 9,926 Required: Calculate the companys 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.