Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help 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

please help
image text in transcribed
image text in transcribed
image text in transcribed
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: Qui cene Oysteria Flexible budget For the Month Ended August 31 Actual pounds (9) 7,300 Revenue (54.159) $ 30,295 Expensest Packing supplies (50.300) 2,190 Oyster bed maintenance ($3,500) 3,500 ages and salaries ($2,000+ $0.359) 4,555 Shipping (50.754) 5,475 Utilities (51,240) 1,240 Other (5410 + $0.019) Total expense 17.443 Net operating income $ 12,852 The actual results for August appear below 483 Qullene Oyster Inco Statement For the Month Ended August Actual pounds Revenue Expenses Palding supplies 7.300 $ 27.400 443 $ 12,852 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 2,360 Oyster bed maintenance 3,360 Wages and salaries 4,965 Shipping 5,205 Utilities 1,050 Other 1,103 Total expense 18,043 Net operating income $ 9,357 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amou 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 (ie, 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 Uites Other Total expense Not operating income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter Walton, Walter Aerts

2nd Edition

1408017725, 978-1408017722

More Books

Students also viewed these Accounting questions

Question

Define facework and identify three primary facework strategies

Answered: 1 week ago