Exercise 9-3 (Algo) Revenue and Spending Variances (L09-3) Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7700 pounds of oysters in August. The company's flexible budget for August appears below: Quflcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 7,700 Revenue (54.209) 5 32,340 Expenses Packing supplies (50.259) 1.925 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,200 + $0.309) 4,510 shipping (50.809) 6,160 Utilities ($1,290) 1,290 Other (8510 + $0.019) 587 Total expense 17,672 Net operating income $14.668 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,700 Revenue $ 27,500 Expenses: Packing supplies 2,095 Oyster bed maintenance 3,060 Wages and salarios 4,920 Shipping 5,890 Utilities 1,100 Other 1,207 Total expense 18,272 S 9.228 Quilcene Oyateria Income Statement For the Month Ended August 31 Actual pounds 7,700 $ 27,500 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Not operating income 2,095 3,060 4,920 5,890 1,100 1,207 18,272 $ 9,228 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 (le, zero variance). Input all amounts as positive values.) Quilcone Oysteria Revenue and Spending Variancus For the Month Ended August 31 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income