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please help me answer the first problem and the second one with the numbers in the problem thank you! Quilcene Oysteria farms and sells oysters
please help me answer the first problem and the second one with the numbers in the problem thank you!
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 Plexible Budget For the Month Ended August 31 Actual pounds (9) 7,300 Revenue ($4.10) $ 29,930 Expenses Packing supplies ($0.309) 2,190 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,200 + $0.409) 5,120 Shipping ($0.604) 4,380 Utilities ($1,270) 1,270 Other ($470 + $0.019) 543 Total expense 16.703 Net operating income $ 13,227 The actual results for August appear below: Qullcene Oyateria Income Statement For the Month Ended August 31 Actual pounds 7.300 Revenue $ 26.700 Expenses Packing supplies 2,360 Oyster bed maintenance 3,060 Wages and salaries 5,530 Shipping 4,110 Utilities 1,080 Other 1.263 Total expense 17,303 Net operating income 59,397 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Qullcene 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 Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month, 125,000 items were shipped to customers using 4,400 direct labor-hours. The company incurred a total of $12,540 in variable overhead costs. According to the company's standards, 0.04 direct labor-hours are required to fulfill an order for one Item and the variable overhead rate is $2.90 per direct labor-hour. Required: 1. What is the standard labor-hours allowed (SH) to ship 125,000 items to customers? 2. What is the standard variable overhead cost allowed (SHSR) to ship 125,000 items to customers? 3. What is the variable overhead spending variance? 4. What is the variable overhead rate variance and the variable overhead efficiency variance? (For requirements 3 and 4, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e, zero variance), Input all amounts as positive values. Do not round Intermediate calculations.) 1. Standard quantity of labor hours allowed 2. Standard variable overhead cost allowed 3. Variable overhead spending variance 4. Variable overhead role variance 4. Variable overhead efficiency variance Step by Step Solution
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