Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold pounds of oysters in August. The companys flexible budget for August appears below:
Quilcene Oysteria
Flexible Budget
For the Month Ended August
Actual pounds q
Revenue $q $
Expenses:
Packing supplies $q
Oyster bed maintenance $
Wages and salaries $ $q
Shipping $q
Utilities $
Other $ $q
Total expense
Net operating income $
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August
Actual pounds
Revenue $
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income $
Required:
Calculate the companys 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 ie zero variance Input all amounts as positive values.
