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 7,800 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) 7,800 Revenue ($4.15g) $ 32,370 Expenses: Packing supplies ($0.409) 3,120 Oyster bed maintenance ($3,300) 3,300 Wages and salaries ($2,100 + $0.359) 4,830 Shipping ($0.559) 4,290 Utilities ($1,280) 1,280 Other ($480 + $0.019) 558 Total expense 17,378 Net operating income $ 14,992 The actual results for August appear below: 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 7,800 $ 27,300 3,290 3,160 5,240 4,020 1,090 1,178 17,978 $ 9,322 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.e., zero variance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue U Expenses: Packing supplies U Oyster bed maintenance F Wages and salaries U Shipping F Utilities F Other U Total expense U Net operating income U