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Exercise 9-2 (Algo) Prepare a Report Showing Revenue and Spending Variances (L09-2) Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 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) 7,400 Revenue ($4.100) $ 30,340 Expenses: Packing supplies (50.35) 2,590 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,200 + $0.459) 5,530 Shipping ($0.759) 5,550 Utilities ($1,230) 1,230 Other $500 + $0.019) 574 Total expense 19,074 Net operating income $ 11,266 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,400 Revenue $ 27, 100 Expenses: Packing supplies 2,760 Oyster bed maintenance 3.460 Wages and salaries 5,940 Shipping 5,280 Utilities 1,040 $ 11,266 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,400 Revenue $ 27,100 Expenses: Packing supplies 2,760 Oyster bed maintenance 3,460 Wages and salaries 5,940 Shipping 5,280 Utilities 1,040 Other 1,194 Total expense 19,674 Net operating income $ 7,426 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 (.e., zero variance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping es Utilities Other Total expense Net operating income