Exercise 9-3 Revenue and Spending Variances (LO9-3) Qullcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7400 pounds of oysters in August. The company's flexible budget for August appears below. Qui cene Oyster Flexible Budget For the Month Ended August 31 Actual pounds (0) 7,400 $10.40 Hevenue (54.100) Expenses Packing supplies (50.250) Oyster bed maintenance ($3,300) Wages and salaries ($2,200 + $0.459) Shipping ($0.759) Utilities (51,250) Other ($500 + $0.019) Total expense Net operating income 1,850 3,300 5,530 5,550 1,250 574 18,054 $ 12,286 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,400 $ 26,900 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 2,020 3, 160 5,940 5, 280 1,060 1,194 18,654 $ 8, 246 Total expense Net operating income Required: Calculate the company's revenue and spending varlances 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 os 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