EXERCISE 9-3 Prepare a Report Showing Revenue and Spending Variances (LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: 8,000 $32,000 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.00) Expenses: Packing supplies ($0.500) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.300) Shipping ($0.809) Utilities ($830) Other ($450 + $0.059) Total expense Net operating income 4,000 3,200 5,300 6,400 830 850 20,580 $11,420 Chapter 9 The actual results for August appear below: Q/what is direct materials budget? 8,000 $35,200 Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 4,200 3,100 5,640 6,950 810 980 21,680 $13,520