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 7,700 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 7,700 Revenue ($4.100) $31,570 Expensest Packing supplies ($0.409) 3,080 Oyster bed maintenance ($3,000) 3,000 Wages and salaries ($2,400 + $0.259) 4,325 Shipping ($0.659) 5,005 Utilities ($1,210) 1,210 Other ($420 + $0.019) Total expense 17.117 Net operating income $ 14,453 497 mences The actual results for August appear below: Qullene Oysteria Income Statement Tor the Month Ended August 31 Actual pounds 7,700 Revenge 5 27.000 Expenses Packing supplies 3,250 Oyster bed maintenance 2,060 Wages and salaries 4,735 Shipping 4.735 Utilities 1.020 Other 1112 Total expense 17.217 59.283 Check my Income Statement For the Month ndod August 31 Actual pounds 7,700 $ 27,000 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Het operating Income 3,250 2,860 4,735 4,735 1,020 1.112 17217 39,283 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 (1.0, zero variance). Input all amounts as positive values.) 1 ces Quilcone Oysteria Revenge and Spending Variances For the Month Ended August 31 Revenue Expenses Packing supplies Oyster bed marino Wages and sales Shipping Usition Other Total expen Net operating income