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 7,500 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) 7,500 $ 31,5ee Revenue ($4.289) Expenses: Packing supplies ($0.259) Oyster bed maintenance ($3,200) Wages and salaries ($2,100 + $e.489) Shipping ($0.759) Utilities ($1,270) Other (5470 + $e.819) Total expense Net operating income 1,875 3,2ee 5,1ee 5,625 1,270 545 17,615 $ 13,885 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 $ 26,600 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,845 3,860 5,510 5,355 1,080 1,165 18,215 $ 8,385 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 fi.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 salarios Shipping Uits Other Total expense Not operating income