Exercise 9-2 Prepare a Report Showing Revenue and Spending Varlances (LO9-2] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7.200 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) 7,200 Revenue (54.050) 52915e Expenses Packing supplies (50.300) 2,160 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,400 + $0.459) 5,640 Shipping (50.600) 5,768 Utilities ($1,220) 1,220 Other ($450 + $0.019) Total expense 30,502 $ 10,658 Net operating income The actual results for August appear below: Qullcene Oysteria Income Statement For the Month Ended August 11 Actual pounds avenue Expenses : Packing supplies Oyster bed saintenance 2013 3.0 5. 1. Shipping utilities Other otal en Wet operating in ORI ce to search Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,330 3,060 6,ese 5,490 1,03e 1 142 19,182 $ 8, 398 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.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