Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q

Question

Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,288 Revenue ($4.05q) Expenses $ 29,168 Packing supplies ($8.35q) Oyster bed maintenance ($3,488) Wages and salaries ($2,28$8.454) Shipping ($8.78q) Utilities ($1,248) Other ($468$8.e1q) 2,528 3,488 5,448 5,848 1,240 532 18,172 Total expense 18,988 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,288 $ 26,688 Revenue Expenses: 2,698 3, 268 5,858 4,770 1,858 1,152 18,772 $ 7,828 Packing supplies Oyster bed maintenance Wages and salaries Utilities Other Total expense Net operating income Required: Calculate the company's revenue and spending varlances for August (Indicate the effect of each varlance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Revenue and Spending Variances For the Month Ended A t 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income

Explanation / Answer

Actual Flexible budget Revenue and spending variances Revenue 26600 29160 2560 U Expenses: Packing supplies 2690 2520 170 U Oyster bed maintenance 3260 3400 140 F Wages and salaries 5850 5440 410 U Shipping 4770 5040 270 F Utilities 1050 1240 190 F Other 1152 532 620 U Total expenses 18772 18172 600 U Net operating income 7828 10988 3160 U

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