3 Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The compan

Question

3 Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,700 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) 7,700 eBook Revenue ($4.85q) Expenses: 31,185 Hint Packing supplies ($e.254) Oyster bed maintenance ($3,100) Wages and salaries ($2,200e.40q) Shipping ($0.75q) Utilities ($1,290) Other ($480$0.01?) 1,925 3,100 5,280 5,775 1, 290 557 17,927 Print erences Total expense Net operating income 13,258 The actual results for August appear below Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7, 700 Revenue Expenses: 26,700 Packing supplies Oyster bed maintenance Wages and salaries Shipping 2,895 2,960 S, 690 5,505

Explanation / Answer

Solution:

Quilcene Oysteria

Revenue and Spending Variances

For the Month Ended August 31

Actual

Flexible Budget

Revenue and Spending Variance (Difference of Actual V/s Flexible)

Revenue

$26,700

$31,185

$4,485

U

Expenses:

Packing Supplies

$2,095

$1,925

$170

U

Oyster Bed Maintenance

$2,960

$3,100

$140

F

Wages and Salaries

$5,690

$5,280

$410

U

Shipping

$5,505

$5,775

$270

F

Utilities

$1,100

$1,290

$190

F

Other

$1,177

$557

$620

U

Total expense

$18,527

$17,927

$600

U

Net Operating Income

$8,173

$13,258

$5,085

U

You need to only mentioned Revenue and Spending Variance in the format given in the solution.

Revenue and spending variance is the difference between actual result and flexible budget

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Quilcene Oysteria

Revenue and Spending Variances

For the Month Ended August 31

Actual

Flexible Budget

Revenue and Spending Variance (Difference of Actual V/s Flexible)

Revenue

$26,700

$31,185

$4,485

U

Expenses:

Packing Supplies

$2,095

$1,925

$170

U

Oyster Bed Maintenance

$2,960

$3,100

$140

F

Wages and Salaries

$5,690

$5,280

$410

U

Shipping

$5,505

$5,775

$270

F

Utilities

$1,100

$1,290

$190

F

Other

$1,177

$557

$620

U

Total expense

$18,527

$17,927

$600

U

Net Operating Income

$8,173

$13,258

$5,085

U

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