Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.25q) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.25g) Oyster bed maintenance ($3,300) Wages and salaries ($2,000+ $0.40g) Shipping ($0.70q) Utilities ($1,240) Other ($410 + $0.01g) Total expense Net operating income Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other The actual results for August were as follows: Quilcene Oysteria Income Statement. For the Month Ended August 31 Total expense Net operating income Revenue Expenses: 7,600 $ 32,300 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 1,900 3,300 5,040 Packing supplies Oyster bed maintenance 5,320 1,240 486 17,286 $ 15,014 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.) 7,600 $ 27,200 2,070 3,160 5,450 5,050 1,050 1,106 17,886 $ 9,314

Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.25q) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.25g) Oyster bed maintenance ($3,300) Wages and salaries ($2,000+ $0.40g) Shipping ($0.70q) Utilities ($1,240) Other ($410 + $0.01g) Total expense Net operating income Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other The actual results for August were as follows: Quilcene Oysteria Income Statement. For the Month Ended August 31 Total expense Net operating income Revenue Expenses: 7,600 $ 32,300 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 1,900 3,300 5,040 Packing supplies Oyster bed maintenance 5,320 1,240 486 17,286 $ 15,014 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.) 7,600 $ 27,200 2,070 3,160 5,450 5,050 1,050 1,106 17,886 $ 9,314

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter13: Budgeting And Standard Costs
Section: Chapter Questions
Problem 13.2.6P: Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with...
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.25q) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.25g) Oyster bed maintenance ($3,300) Wages and salaries ($2,000+ $0.40g) Shipping ($0.70q) Utilities ($1,240) Other ($410 + $0.01g) Total expense Net operating income Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Total expense Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,600 $ 32,300 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 1,900 3,300 5,040 5,320 1,240 486 Total expense Net operating income 17,286 $ 15,014 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.) 7,600 $ 27,200 2,070 3,160 5,450 5,050 1,050 1,106 17,886 $9,314
Transcribed Image Text:Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.25q) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.25g) Oyster bed maintenance ($3,300) Wages and salaries ($2,000+ $0.40g) Shipping ($0.70q) Utilities ($1,240) Other ($410 + $0.01g) Total expense Net operating income Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Total expense Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,600 $ 32,300 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 1,900 3,300 5,040 5,320 1,240 486 Total expense Net operating income 17,286 $ 15,014 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.) 7,600 $ 27,200 2,070 3,160 5,450 5,050 1,050 1,106 17,886 $9,314
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS