Exercise 9-3 Revenue and Spending Variances [L09-3] Quilcene Oysteria farms and sells oysters in the Pacic Northwest. The company harvested and sold 7,300 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 (g) 7,300 Revenue ($4.05q) $29,565 Expenses: Packing supplies {$0.25q) 1,825 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,400 + $0.50q) 6,050 Shipping {$0.55q) 4,015 Utilities ($1,260) 1,260 Other ($440 + $0.01q} 513 Total expense 16,863 Net operating income $12'702 ' The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $27,400 Expenses: Packing supplies 1,995 Oyster bed maintenance 3,060 Wages and salaries 6,460 Shipping 3,745 Utilities 1,070 Other 1,133 Total expense 17,463 Net operating income 5 9,937 F__________::: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pOunds 7,300 Revenue $27,400 Expenses: Packing supplies 1,995 Oyster bed maintenance 3,060 Wages and salaries 6,460 Shipping 3,745 Utilities 1,070 Other 1,133 Total expense 17.463 Net operating income 5 9:937 , 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 (i.e., zero variance). Input all amounts as positive values.) Revenue Packing supplies Oyster bed maintenance Wages and salaries Utilities Other Total expense Net operating income