Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hey Chegg, I hope all is well. May I humbly ask for your help with this particular accounting question please? I don't know why some
Hey Chegg, I hope all is well. May I humbly ask for your help with this particular accounting question please? I don't know why some parts of the question is wrong :(
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 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 (q) 7,600 $ 31,160 Revenue ($4.109) Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,100) Wages and salaries ($2,600 + $0.309) Shipping ($0.709) Utilities ($1,260) Other ($410 + $0.019) Total expense Net operating income 2,660 3, 100 4,880 5,320 1,260 486 17,706 $ 13,454 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 $ 27,100 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,830 2,960 5,290 5,050 1,070 1,106 18, 306 $ 8,794 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.) Answer is complete but not entirely correct. Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue $ (4,060) U Expenses: Packing supplies 170U Oyster bed (140) F maintenance Wages and salaries 410U Shipping (270) F Utilities (190) F Other 620U Total expense 600U Net operating income $ (4,660) UStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started