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 7,900 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) Revenue ($4.209) 7,900 $33,180 Expenses: Packing supplies ($0.409) Oyster bed maintenance ($3,600) Wages and salaries ($2,400 + $0.259) Shipping ($0.709) Utilities ($1,300) Other ($410 + $0.019) 3,160 3,600 4,375 5,530 1,300 489 Total expense 18,454 Net operating income $ 14,726 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,900 Revenue $27,100 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 3,330 3,460 4,785 5,260 1,110 1,109 Total expense 19,054 Net operating income $ 8,046 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.) 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