7. Quilcene Oysteria farms and sells oysters in th pounds of oysters in August.

Question

7. Quilcene Oysteria farms and sells oysters in th pounds of oysters in August. The cormpany's flexible budget for August appears below e Pacific Northwest. The company harvested and sold 7,000 Flexible Budget Actual pounds (q) Revenue ($4.20q) 7,000 $29,400 Expenses: Packing supplies ($0.30q) Oyster bed maintenance ($3,500) Wages and salaries ($2,500 $0.30q) Shipping ($0.70q) Utilities ($1,270) Other ($450+ $0.01q) 2,100 3,500 4,600 4,900 1,270 520 Total expense 16,890 Net operating income $12,510 The actual results for August appear below Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue 7,000 $ 27,300 Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 2,270 3,360 5,010 4,630 1,080 1.140 17,490

Explanation / Answer

Revenue and spending variance :

Revenue 2100 U Expense 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 2700 U

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