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 8,000 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) 8,000 Revenue ($4.10g) $ 32,800 Expenses: Packing supplies ($0.25g) 2,000 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,400 + $0.40g) 5,600 Shipping ($0.60g) 4,800 Utilities ($1,270) 1,270 Other ($410 + $0.01g) 490 Total expenses 17,360 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 15,440 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 8,000 $ 26,800 2,170 3,060 6,010 4,530 1,080 1,110 17,960 $ 8,840 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Revenue Expenses: Answer is complete but not entirely correct. Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 $ 32,800 U Packing supplies 170 U Oyster bed maintenance Wages and salaries Shipping Utilities Other 140 F 410 U 270 F 190 F 620 U Total expenses 600 U Net operating income $ 15,440 U