Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (g)7,800$ 32,370Revenue ($4.159)Expenses:Packing supplies ($0.30g)Oyster bed maintenance ($3, 500)Wages and salaries ($2,109 + $0.45g)Shipping ($8.55q)Utilities ($1,280)Other ($460 + $e.019)Total expense2,3403, 5ee5,6104,2901, 28053817,558$ 14,812Net operating incomeThe actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual pounds7,800Revenue$ 26,900Expenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilities2,5103, 36е6,0204, 0201,e901,15818,158OtherTotal expenseNet operating income$ 8,742Requlred:Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.)Quilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 31RevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expenseNet operating income

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Description: Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31

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Requlred: Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Il.e., zero varlance). Input all amounts as positive values.)

Requlred: Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Il.e., zero varlance). Input all amounts as positive values.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 1PA: Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and...

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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 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) Revenue ($4.20q) 7,100 $ 29,820 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,300) 3,300 Wages and salaries ($2,200 + $0.45q) 5,395 Shipping ($0.609) 4,260 Utilities ($1,230) 1,230 Other ($450 + $0.019) 521 Total expense 16,481 $ 13,339 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 26,900 Expenses: Packing supplies 1,945 Oyster bed maintenance 3,160 5,805 3,990 1,040 1,141 17,081 Wages and salaries Shipping Utilities Other Total expense Net operating income Required: $ 9,819 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 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) 7,100 Revenue ($4.15q) $ 29,465 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,200 + $0.30q) 4,330 Shipping ($0.60q) 4,260 Utilities ($1,250) 1,250 Other ($410 + $0.01q) 481 Total expense 15,696 Net operating income $ 13,769 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 26,700 Expenses: Packing supplies 1,945 Oyster bed maintenance 3,460 Wages and salaries 4,740 Shipping 3,990 Utilities 1,060 Other 1,101 Total expense 16,296 Net operating income $ 10,404 Required: Calculate the company’s revenue…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in Augus The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.55q) Utilities ($1,290) Other ($480 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,100 $ 29,465 2,485 3,100 4,985 3,905 1,290 551 16,316 $ 13,149 Actual pounds 7,100 Revenue $ 27,000 Expenses: Packing supplies 2,655 Oyster bed maintenance 2,960 Wages and salaries 5,395 3,635 1,100 1,171 16,916 Shipping Utilities Other Total expense Net operating income. Required: $ 10,084 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 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) 7,500 Revenue ($4.20q) $ 31,500 Expenses: Packing supplies ($0.30q) 2,250 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,200 + $0.40q) 5,200 Shipping ($0.60q) 4,500 Utilities ($1,210) 1,210 Other ($480 + $0.01q) 555 Total expense 16,915 Net operating income $ 14,585 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $ 27,200 Expenses: Packing supplies 2,420 Oyster bed maintenance 3,060 Wages and salaries 5,610 Shipping 4,230 Utilities 1,020 Other 1,175 Total expense 17,515 Net operating income $…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 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) 7,600 Revenue ($4.15q) $ 31,540 Expenses: Packing supplies ($0.40q) 3,040 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,000 + $0.25g) 3,900 Shipping ($0.80q) 6,080 Utilities ($1,280) 1,280 Other ($440 + $0.01q) 516 Total expense 18,216 $ 13,324 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Required: 7,600 $ 26,800 3,210 3,260 4,310 5,810 1,090 1,136 18,816 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U"…
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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 ed Actual pounds (q) 7,900 Revenue ($4.10q) $ 32,390 Expenses: k Packing supplies ($0.30g) 2,370 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,100 + $0.40q) 5,260 Shipping ($0.75q) 5,925 Utilities ($1,200) 1,200 t Other ($510 + $0.019) 589 Total expenses 18,444 Net operating income $ 13,946 CE The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,900 $ 26,500 2,540 2,960 5,670 5,655 1,010 1,209 19,044 $ 7,456 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of…
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 (g) Revenue ($4.10g) 7,700 $31,570 Expenses: Packing supplies ($0.40g) 3,080 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,300 + $0.45g) 5,765 Shipping ($0.60g) 4,620 Utilities ($1,230) 1,230 Other ($440 + $0.01g) 517 Total expense 18,312 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 13,258 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,700 $ 26,900 3,250 2,960 6,175 4,350 1,040 1,137 18,912 $ 7,988 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each variance…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 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) 7,300 Revenue ($4.20q) $ 30, 660 Expenses: Packing supplies ($0.40q) 2,920 Oyster bed maintenance ($3,100) 3, 100 Wages and salaries ($2,600 + $0.30q) 4,790 Shipping ($0.65q) 4,745 Utilities ( $1,200) 1,200 Other ($420 + $0.01q) 493 Total expense 17,248 Net operating income $ 13,412 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 3,090 Oyster bed maintenance 2,960 Wages and salaries 5,200 Shipping 4,475 Utilities 1,010 Other 1,113 Total expense 17,848 Net operating income $ 9,552 Required: Calculate the company' s revenue and spending variances for August. (Indicate the effect of each variance by…
s Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.10g) Expensesi Packing supplies (50.35g) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Oyster bed maintenance ($3,200) Wages and salaries ($2,600 + $0.30g) Shipping (50.60g) Utilities ($1,270) Other ($450+ $0.01g) Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Aamulendi 7,600 $ 31,160 2,660 3,200 4,880 4,560 1,270 526 17,096 $ 14,064 7,600 $ 27,100 2,830 3,060 5,290 4,290 1,080 1,146 17,696 $9,404