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 7.400 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 (q) ,400 Revenue ($4,200) $31,080 Expenses: Packing supplies ($0.25q) 1,850 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,100 $0.40g) 5,060 Shipping ($0.609) 4,440 Utilities ($1,230) 1,230 Other ($480 +$0.010) 554 Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 16,734 $14,346 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Meges and salaries Shipping Utilities Other Total expense Net operating income Required: 2,400 $ 27,200 2,020 3,460 5,470 4,170 1,040 1,174 17,334 59,866 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 (ie., zero variance). Input all amounts as positive values.) Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income