Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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: 7,300 5.29.950 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (0) Revenue (54.100) Expenses Packing supplies ($0.300) Oyster bed maintenance ($3,000) Wages and salaries ($2,300 0.00) Shipping (50.500) Utilities (51,280) Other (5470 + $0.010) Total expense Het operatine Income 2,190 3,000 4,490 5,840 1,230 12,4 $ 12,507 The actual results for Augustoppelt below Dulcene Oysteria Income Statement For the Month Ended At 11 actual pounds 7,500 $27.300 Expenses Packing supplies Oyster bed maintenance 2.560 Waws and salaries Shippie Utilities 1.000 Other 1.16 17963 2,300 4,900 Total expense $ 22,00 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and Salaries Shipping Utilities Other Total expense Net operating income 2,360 2,860 4,900 5,570 1,090 $ 9,357 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 Utilities Other Total expense Net 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

Performance Auditing Measuring Inputs, Outputs, And Outcomes

Authors: Stephen L. Morgan, Ronell B. Raaum, Colleen G. Waring

3rd Edition

0894139762, 9780894139765

More Books

Students also viewed these Accounting questions

Question

describe and present a summary of data you have collected.

Answered: 1 week ago

Question

collect, organise and store quantitative data in an effective way;

Answered: 1 week ago