Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

uilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company's flexible budget

uilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 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) Revenue ($4.109) Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.259) Shipping ($0.559) Utilities ($1,290) Other ($420 + $0.019) Total expense Net operating income The actual results for August appear below: 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 7,100 $ 26,900 2,655 3,160 4,585 3,635 1,100 1,111 16,246 $ 10,654 7,100 $ 29,110 2,485 3,300 4,175 3,905 1,290 491 15,646 $ 13,464 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

Financial Services And Markets

Authors: Dr. Punithavathy Pandian

8125931201, 978-8125931201

More Books

Students also viewed these Accounting questions

Question

Find y'. y= |x + X (x) (x) X 1 02x+ 2x 1 O 2x + 1/3 Ex 2x +

Answered: 1 week ago

Question

suggest a range of work sample exercises and design them

Answered: 1 week ago