Exercise 8-2 Prepare a Report Showing Revenue and Spending Variances [LO8-2] Qui

Question

Exercise 8-2 Prepare a Report Showing Revenue and Spending Variances [LO8-2]

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:

Compute 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 (i.e., zero variance). Input all amounts as positive values.)

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:

Explanation / Answer

Revenue and spending variances   Revenue 3610 U   Expenses:       Packing supplies 170 U       Oyster bed maintenance 140 F       Wages and salaries 410 U       Shipping 270 F       Utilities 190 F       Other 620 U   Total expense 600 U   Net operating income 4210 U

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