Exercise 9-3 Prepare a Report Showing Revenue and Spending Variances [L09-3] 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) Revenue ($4.15q) ,800 $32,370 Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,500) Wages and salaries ($2,200+$0.40q) Shipping ($0.55q) Utilities ($1,250) Other ($420+ $0.01g) 2,730 3,500 5,320 4,290 1,250 498 Total expense 17,588 Net operating income $ 14,782 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue 7,800 $26,900 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 2,900 3,360 5,730 4,020 1,060 1,118 Total expense 18,188 Net operating income $8,712 Required Compute 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.)