Exercise 9-3 (Algo) Revenue and Spending Variances (LO9-3) Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7600 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) 7,600 Revenue (54.209) $ 31,920 Expenses: Packing supplies (50.300) 2,280 Oyster bed maintenance ($3,300) 3,300 Wages and salaries ($2,200 + $0.389) 4,480 Shipping ($0.80) 6,000 Utilities ($1,230) 1,230 Other ($490 + $0.019) Total expense 17,936 Net operating income $ 13,984 The actual results for August were as follows: 566 Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expensest Packing supplies Oyster bed maintenance Wages and salaries 7,600 $ 27,100 2.450 3,16 4.890 7,600 $ 27,100 The actual results for August were as follows: 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 2,450 3,160 4,890 5,810 1,040 1,186 18,536 $ 8,564 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.o., zero variance). Input all amounts os positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses Packing supplies Oyster bed maintenance 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 (.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 salarios Shipping Utilities Other Total expense Net operating income