Exercise 9-3 Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 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) 7,800 Revenue ($4.10g) 531,980 Expenses: Packing supplies ($0.35g) 2,730 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,100 $0.35q) 4,830 Shipping ($0.60g) 4,680 Utilities ($1,280) 1,280 Other (5410 + $0.01g) 488 Total expense 17,500 Net operating income $14,472 The actual results for August appear below. Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,800 Revenue $27,400 Expenses Packing supplies 2,900 Oyater bed maintenance 3,360 Wages and salaries 5,240 Shipping 4,410 Utilities 1,090 Other 1,108 Total expense 18,108 Net operating income $9,292 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.) 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