Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 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 ($4.15q) Expenses: Packing supplies ($0.30q) Oyster bed maintenance ($3,500) Wages and salaries ($2,600 + $0.25q) Shipping ($0.75q) Utilities ($1,270) Other ($500 + $0.019) Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,300 $ 30,295 2,190 3,500 4,425 5,475 1,270 573 17,433 $ 12,862 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,300 $27,000 2,360 3,360 4,835 5,205 1,080 1,193 18,033 $ 8,967 Calculate the company's revenue and spending variances for August. Note: 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. Revenue Expenses: Packing supplies Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 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 7,300 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 ($4.15q) Expenses: Packing supplies ($0.30q) Oyster bed maintenance ($3,500) Wages and salaries ($2,600 + $0.25q) Shipping ($0.75q) Utilities ($1,270) Other ($500 + $0.019) Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,300 $ 30,295 2,190 3,500 4,425 5,475 1,270 573 17,433 $ 12,862 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,300 $27,000 2,360 3,360 4,835 5,205 1,080 1,193 18,033 $ 8,967 Calculate the company's revenue and spending variances for August. Note: 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. Revenue Expenses: Packing supplies Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Furniture Co. incurred the following costs during 2016: Conversion costs Prime costs Manufacturing overhead What was the amount of direct materials and direct labor used for the year? Direct...
-
J&J Enterprises sells paper cups to fast-food franchises. On January 1, 2009, J&J had 5,000 cups on hand, for which it had paid $0.10 per cup. During 2009, J&J made the following purchases and sales:...
-
Are the required conditions satisfied in Exercise 16.8?
-
What is the meaning of each of the following terms: corporation, articles of incorporation, corporate charter, board of directors, corporate officers, and organization costs?
-
Refer to the bond details in Problem. In Problem. Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2015 that pay interest semiannually on June 30 and December 31. They are issued at...
-
please answer all the questionss.,.within 30 minutes. make sure the calculations are explained in very detailed manner. else leave it for other tutor otherwise i will give negative ratings and will...
-
Suppose the strain components of the plane strain triangular plate made of steel (E=200 GPa, v =0.30) at a given point A are given as = 500, & = 250, and = Vxy =-500. (a) Calculate the stress...
-
After a few minutes, Elaine returned to the meeting with Debra, who was dressed in a flannel shirt, dirty jeans, and a baseball cap. David pushed to the front of the group and loudly said, Hi ,...
-
8 2 . On January 1 , 2 0 2 4 , Cougar Corp. purchased a machine for $ 6 0 0 , 0 0 0 . The corporation estimated a 4 - year useful life ( or 9 0 0 , 0 0 0 units of useful life ) and $ 6 0 , 0 0 0...
-
What Does 5-d Mean? What Are Some Of The Uses Of Bim? What Are Some Of The Benefits Of Bim? What Are Some Of The Barriers To Industry Implementation? What Type Of Barriers Will I Encounter While...
-
With respect to the compliance consultant, kindly explain the following - What are the rules, regulations and guidance for Medicaid program running in USA. Explain each in detail At the advanced...
-
Some examples of contemporary issues might include: workplace safety, reproductive rights in developing countries, access to clean water, resource extraction and development, mental illness, the...
-
The term "corporate social responsibility" is today best defined in the U.S. by: a. federal statutory incorporation law. b. Securities and Exchange Commission (SEC) Rule 10b(5) c. Kant's ethical...
-
Splitting hairs, if you shine a beam of colored light to a friend above in a high tower, will the color of light your friend receives be the same color you send? Explain.
-
Define flowcharting.
-
Flowchart symbols represent what aspect of a system?
-
List and draw the basic flowchart symbols.
Study smarter with the SolutionInn App