Exercise 9-3 (Algo) Revenue and Spending Variances (L09-3] Qulicene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 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) 7,300 Revenue (54.209) $ 30,660 Expenses: Packing supplies ($0.409) 2,920 Oyster bed maintenance ($3,300) 3.300 Wages and salaries ($2,500 + 50.359) 5.055 Shipping ($0.759) 5,475 utilities ($1,270) 1.270 Other ($420 + $0.019) 493 Total expense 18.512 Net operating income $ 12,147 The actual results for August were as follows 7,300 $ 27.100 Qullcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Paciding supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 3,090 3,160 5,465 5,205 1,080 1,133 19.113 5.7,987 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 (i... zero variance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances The actual results for August were as follows: 7,300 $ 27,100 Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 3,090 3,160 5,465 5,205 1,080 1,113 19,113 $ 7,987 Required: Calculate the company's revenue and spending variances for August. (Indicate favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). 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