Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7.500 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 (q) 7,500 Revenue (54.289) $31,500 Expenses: Packing supplies ($0.389) 2,250 Oyster bed maintenance ($3,180) 3,100 Wages and salaries ($2,500 + $0.309) 4,750 Shipping (58.759) 5,625 utilities ($1,250) 1,250 Other ($430 + $0.019) 505 Total expense 17,480 Net operating income $14,020 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $ 27,300 Expenses: Packing supplies 2,420 Oyster bed maintenance 2,960 Wages and salaries 5,160 Shipping 5,355 Utilities 1,060 Other 1,125 Total expense 18,080 Net operating income 59,220 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 (i.e., zero variance). Input all amounts as positive values.) 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 (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