Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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

image text in transcribed
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 Tlexible Budget For the Month Inded August 31 Actual pounds 7.600 Revenge ($4.109) $21,160 Expenses Packing supplies (50.409) 3,040 Oyuter bed saintenance ($3,000) 3,000 Wages and salaries ($2,600 - 50.500) 6,400 Shipping (50.6501 4.940 Utilities ($1,270) 1.270 Other (8470 - $0.014) 546 Total expense 19, 196 Net operating income $11.964 The actual results for August appear below. Quiloene Oysteria Income Statement For the Month Ended August 31 Metual pounds 7.600 $27.000 Revenge Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Het operating income 3,210 2,860 6,810 4,670 1.080 1.166 19.796 $ 7.204 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 [le, 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 expense Not operating income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions

Question

TCP UDP QuickSort HTTP HTTPS SQL RESTful API

Answered: 1 week ago