Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.10g) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.359) Oyster bed maintenance ($3,400) Wages and salaries ($2,200 + $0.309) Shipping ($0.75g) Utilities ($1,260) Other ($410 + $0.019) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Revenue 7,900 $ 32,390 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 2,765 3,400 4,570 5,925 1,260 489 18,409 $ 13,981 7,900 $ 27,500 Required: 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 ariance). Input all amounts as positive values. 2,935 3,260 4,980 5,655 1,070 1,109 19,009 $ 8,491
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.10g) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.359) Oyster bed maintenance ($3,400) Wages and salaries ($2,200 + $0.309) Shipping ($0.75g) Utilities ($1,260) Other ($410 + $0.019) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Revenue 7,900 $ 32,390 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 2,765 3,400 4,570 5,925 1,260 489 18,409 $ 13,981 7,900 $ 27,500 Required: 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 ariance). Input all amounts as positive values. 2,935 3,260 4,980 5,655 1,070 1,109 19,009 $ 8,491
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter4: Activity-based Costing
Section: Chapter Questions
Problem 9E: Nozama.com Inc. sells consumer electronics over the Internet. For the next period, the budgeted cost...
Related questions
Question
Harder
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
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.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning