Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (g) 250 $ 97,500 42,000 Revenue ($390.00g) Expenses: Wages and salaries ($11,000 +$124.00g) Supplies ($5.00g) Equipment rental ($2,200 + $20.00g) Insurance ($4,200) Miscellaneous ($540 +$1.46g) Total expense Net operating income 1,250 7,200 4,200 905 55,555 $ 41,945 During May, the company's actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 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 (g). Revenue ($4.10g) Expenses: Packing supplies ($0.30g) Oyster bed maintenance ($3,500) Wages and salaries ($2,100 + $0.40g) Shipping ($0.55g) Utilities ($1,280) Other ($450 + $0.01g) Total expense 7,300 $ 29,930 2,190 3,500 5,020 4,015 1,280 523 16,528 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 13,402 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,300 $ 27,200 2,360 3,360 5,430 3,745 1,090 1,143 17,128 $ 10,072 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.) Revenue Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income