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 (q) 7,800 $31,590 Revenue ($4.059) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.409) Shipping ($0.759) Utilities ($1,280) Other $510 + $0.019) Total expense Net operating income 2,340 3,300 5,520 5,850 1,280 588 18,878 $ 12,712 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,800 Revenue $26,700 Expenses: Packing supplies 2,510 Oyster bed maintenance 3, 160 Wages and salaries 5,930 5,580 Utilities 1,090 Other 1,208 Total expense 19,478 Net operating income $ 7,222 Shipping 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 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income