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Question 2:

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 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 (9) 7,100 $ 29, 110 Revenue ($4.109) Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,300) Wages and salaries ($2,600 + $0.409) Shipping ($0.609) Utilities ($1,250) Other ($400 + $0.019) Total expense Net operating income 2,485 3,300 5,440 4,260 1,250 471 17,206 $ 11,904 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 $ 26,700 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,655 3,160 5,850 3,990 1,060 1,091 17,806 $ 8,894 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.) 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 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 (9) 300 $132,000 Revenue ($ 440.009) Expenses: Wages and salaries ($11,000 + $128.00q) Supplies ($5.009) Equipment rental ($2,400 + $25.00g) Insurance ($3,900) Miscellaneous ($530 + $1.429) Total expense 49,400 1,500 9,900 3,900 956 65,656 $ 66,344 Net operating income During May, the company's actual activity was 290 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