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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 (q) 7,800 Revenue ($4.25q) $ 33,150 Expenses: Packing supplies ($0.40g) 3,120 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,100 + $0.50q) 6,000 Shipping ($0.55q) 4,290 Utilities ($1,230) 1,230 Other ($420 + $0.019) 498 Total expense 18,538 $ 14,612 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 Required: 7,800 $ 27,000 3,290 3,260 6,410 4,020 1,040 1,118 19,138 $ 7,862 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

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 (q) 7,800 Revenue ($4.25q) $ 33,150 Expenses: Packing supplies ($0.40g) 3,120 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,100 + $0.50q) 6,000 Shipping ($0.55q) 4,290 Utilities ($1,230) 1,230 Other ($420 + $0.019) 498 Total expense 18,538 $ 14,612 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 Required: 7,800 $ 27,000 3,290 3,260 6,410 4,020 1,040 1,118 19,138 $ 7,862 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

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 1PA: Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and...
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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 (q) 7,800 Revenue ($4.25q) $ 33,150 Expenses: Packing supplies ($0.40g) 3,120 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,100 + $0.50q) 6,000 Shipping ($0.55q) 4,290 Utilities ($1,230) 1,230 Other ($420 + $0.019) 498 Total expense 18,538 $ 14,612 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 Required: 7,800 $ 27,000 3,290 3,260 6,410 4,020 1,040 1,118 19,138 $ 7,862 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
Transcribed Image Text: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 (q) 7,800 Revenue ($4.25q) $ 33,150 Expenses: Packing supplies ($0.40g) 3,120 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,100 + $0.50q) 6,000 Shipping ($0.55q) 4,290 Utilities ($1,230) 1,230 Other ($420 + $0.019) 498 Total expense 18,538 $ 14,612 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 Required: 7,800 $ 27,000 3,290 3,260 6,410 4,020 1,040 1,118 19,138 $ 7,862 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
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