Exercise 9-3 Revenue and Spending Variances (LO9-3) Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 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 (9) 7,300 $ 31,025 Revenue ($4.259) Expenses Packing supplies ($0.359) Oyster bed maintenance ($3,200) Wages and salaries ($2,400 + $0.259) Shipping ($0.709) Utilities ($1,230) Other (5420 + $0.019) Total expense Net operating income 2,555 3,200 4,225 5,110 1,230 493 16,813 $14,212 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 26,800 Expenses Packing supplies 2,725 Oyster bed maintenance 3,060 Wages and salaries 4,635 Shipping 4,840 Utilities 1,040 Other 1,113 Total expense 17,413 $ 9,387 Net operating income $ 26,800 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,725 3,060 4,635 4,840 1,040 1,113 17,413 $ 9,387 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 $ 4,300 U Expenses Packing supplies 1,800U Oyster bed maintenance 200 F Wages and salaries 500 Shipping OF Utilities OF Other 100 U Total expense 2,1500 Net operating income 2,150 U $