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 7,200 pounds of oysters in August. The company's flexible budget for August appears below: 7,200 $ 30,240 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.209) Expenses: Packing supplies ($0.300) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.359) Shipping ($0.659) Utilities ($1,240) Other ($460 + $0.019) Total expense Net operating income 2,160 3,400 4,920 4,680 1,240 532 16,932 $ 13,308 ces The actual results for August appear below: Quilcene Oysteria Income statement For the Month Ended August 31 Actual pounds 7,200 Revenue $ 26,000 Expenses Packing supplies 2,330 Oyster bed maintenance 3,260 Wages and salaries 5,330 Shipping 4,410 Utilities 1,050 Other 1,152 Total expense 17,532 Net operating income $ 9,268 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.) es 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