Exercise 9-3 Revenue and Spending Variances (LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 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) 7,400 $ 31,080 Revenue ($4.289) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,200) Wages and salaries ($2,189 + $0.309) Shipping ($9.659) Utilities ($1,290) Other ($480 + $0.019) Total expense Net operating income 2,220 3,200 4,320 4,810 1,290 554 16,394 $ 14, 686 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,400 $ 27,100 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,390 3,060 4,730 4,540 1, lee 1,174 16,994 $ 10,106 Required: Calculate the company's revenue and spending varlances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). 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