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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.05q) Expenses: Packing supplies ($0.35g) Oyster bed maintenance ($3,100) Wages and salaries ($2,200 + $0.35q) Shipping ($0.60q) Utilities ($1,250) Other ($430+ $0.01q) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,200 $ 29,160 2,520 3,100 4,720 4,320 1,250 502 16,412 $ 12,748 7,200 $ 26,700 2,690 2,960 5,130 4,050 1,060 1, 122 17,012 $ 9,688

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: The actual results for August were as follows: Required: 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