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 7,500 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oynteria Flexible Budget For the Month Ended August 21 Actual pounds (9) 7,500 Revenue ($4.209) $31,500 Expenses Packing supplies (50.359) 2,625 Oyster bed maintenance ($3,200) 3,200 Wages and salaries (52.300 + 50.309) 4,550 Shipping (50.559) 4.125 Utilities (51,290) 1,290 Other ($500 + 10.01) Total expense Net operating income $15,135 525 The actual results for August appear below Qullene Oysteria Income statement Yor the Month Inded August 31 Actual pounds 7.500 Revenue 526,600 Expenses Packing supplies Oyster bed maintenance 3,060 Wages and salaries 4,960 Shipping 3,055 Utilities 1.100 Other 1.195 Total expen Het 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 (l.o., zero variance), Input all amounts as positive values.) Qulicone Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses