13 value 1.50 points Olympia Bivalve farms and sells oysters in the Pacific Nort

Question

13 value 1.50 points Olympia Bivalve farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in July. The company's flexible budget for July appears below Olympia Bivalve Flexible Budget For the Month Ended July 31 Actual pounds (q) Revenue ($4.15q) 7,600 $31,540 Expenses: Packing supplies ($0.25q) Oyster bed maintenance ($3,200) Shipping (S0.70q) Utilities ($1,300) Other ($410+ $0.01q) 1,900 3,200 Wages and salaries (52,500+S0.40g) 5,540 5,320 1,300 486 Total expense 17,746 Net operating income $13,794 The actual results for July appear below Olympia Bivalve Income Statement For the Month Ended July 31 Actual pounds Revenue 7,600 $ 27,300 Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 2,070 3,060 5,950 5,050 1,110 1,106 Total expense 18,346 Net operating income $ 8,954

Explanation / Answer

Revenue and spending variance :

Revenue 4240 U Expenses Packing supplies 170 U Oyster bed maintenance 140 F Wage and salaries 410 U Shipping 270 F Utilities 190 F Other 620 U Total expense 600 U Net operating income 4840 U

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