Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000...
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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) 7,000 Revenue ($4.10q) $ 28,700 Expenses: Packing supplies ($0.30q) 2,100 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,300 + $0.45q) 5,450 Shipping ($0.60q) 4,200 Utilities ($1,280) 1,280 Other ($460 + $0.019) 530 Total expense 16,760 $ 11,940 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,000 $ 26,700 2,270 3,060 5,860 3,930 1,090 1,150 17,360 $ 9,340 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 farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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) 7,000 Revenue ($4.10q) $ 28,700 Expenses: Packing supplies ($0.30q) 2,100 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,300 + $0.45q) 5,450 Shipping ($0.60q) 4,200 Utilities ($1,280) 1,280 Other ($460 + $0.019) 530 Total expense 16,760 $ 11,940 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,000 $ 26,700 2,270 3,060 5,860 3,930 1,090 1,150 17,360 $ 9,340 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.)
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Related Book For
Managerial Accounting for Managers
ISBN: 978-0073527130
2nd edition
Authors: Eric Noreen, Peter Brewer, Ray Garrison
Posted Date:
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