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 7,800 pounds of oysters in August. The company's flexible budget

image text in transcribedimage text in transcribed

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 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) 7,800 $ 32,760 Revenue ($4.209) Expenses: Packing supplies ($0.259) Oyster bed maintenance ($3,100) Wages and salaries ($2,200 + $0.30) Shipping ($0.709) Utilities ($1,240) Other ($400 + $0.019) Total expense Net operating income 1,950 3,100 4,540 5,460 1,240 478 16,768 $ 15,992 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,800 $ 27,300 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 2,120 2,960 4,950 5,190 1,050 1,098 17,368 $ 9,932 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

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

Students also viewed these Accounting questions

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago

Question

d. How were you expected to contribute to family life?

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago