Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Qulicene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 2.100 pounds of oysters in August The company's flexible budget

image text in transcribed
image text in transcribed
image text in transcribed
Qulicene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 2.100 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) 7.100 Revenue ($4.109) $ 29, 110 Expenses Packing supplies ($0.359) 2.485 Oyster bed maintenance (53, 100) 3,100 Wages and salaries ($2,000 - 50.359) 4,485 Shipping (30.759) 5,325 Utilities ($1,270) 1,270 Other ($400 + $0.014) 471 Total expense 17, 136 Niet oporating income $ 11,974 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 27,400 Expenses: Packing supplies 2,655 Oyster bed maintenance 2,960 Wages and salaries 4,895 Shipping 5,055 Utilities 1,080 Other 1,091 Total expense 17,736 Net operating income $ 9,664 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

Recommended Textbook for

Using QuickBooks Accountant 2018 For Accounting

Authors: Glenn Owen

16th Edition

0357042085, 9780357042083

More Books

Students also viewed these Accounting questions