Gd.20. Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds ofoysters in August. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (9)Revenue ($4.10q)Expenses:Packing supplies ($0.30 q)2,100Oyster bed maintenance ($3,500)3,500Wages and salaries ($2,200 + $0.25q) 3,950Shipping ($0.75g)5,250Utilities ($1,220)1,220Other ($480 + $0.019)Total expense16,570Net operating income$ 12,130The actual results for August were as follows:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual poundsRevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOther7,000$ 28,700Total expenseNet operating income5507,000$ 26,6002,2703,3604,3604,9801,0301,17017,170$ 9,430Required:Calculate the company's revenue and spending variances for August.

REVENUE & SPENDING VARIANCE The difference between budgeted result and actual result can be…

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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) Revenue ($4.10q) Expenses: Packing supplies ($0.30 q) 2,100 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,950 Shipping ($0.75g) 5,250 Utilities ($1,220) 1,220 Other ($480 + $0.019) Total expense For the Month Ended August 31 Actual pounds 16,570 Net operating income $ 12,130 The actual results for August were as follows: Quilcene Oysteria Income Statement Revenue Expenses: 7,000 $ 28,700 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 550 7,000 $ 26,600 2,270 3,360 4,360 4,980 1,030 1,170 17,170 $ 9,430 Required: Calculate the company's revenue and spending variances for August.

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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) Revenue ($4.10q) Expenses: Packing supplies ($0.30 q) 2,100 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,950 Shipping ($0.75g) 5,250 Utilities ($1,220) 1,220 Other ($480 + $0.019) Total expense For the Month Ended August 31 Actual pounds 16,570 Net operating income $ 12,130 The actual results for August were as follows: Quilcene Oysteria Income Statement Revenue Expenses: 7,000 $ 28,700 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 550 7,000 $ 26,600 2,270 3,360 4,360 4,980 1,030 1,170 17,170 $ 9,430 Required: Calculate the company's revenue and spending variances for August.

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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