Exercise 9-3 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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 8,000 Revenue ($4.10) $ 32,800 Expenses: Packing supplies ($0.359) 2,800 Oyster bed maintenance ($3,000) 3,000 Wages and salaries ($2,400 + $0.359) 5,200 Shipping ($0.709) 5,600 Utilities ($1,250) 1,250 Other ($430 + $0.019) 510 Total expense 18,360 Net operating income $ 14,440 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 $ 27, 200 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,970 2,860 5,610 5,330 1.060 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 $ 27,200 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,970 2,860 5,610 5,330 1,060 1,130 18,960 $ 8,240 Required: Calculate the company's revenue and spending variances fo favorable, "U" for unfavorable, and "None" for no effect (i. 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