Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 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) | 7,200 | |
Revenue ($4.25q) | $ | 30,600 |
Expenses: | ||
Packing supplies ($0.35q) | 2,520 | |
Oyster bed maintenance ($3,400) | 3,400 | |
Wages and salaries ($2,200 + $0.30q) | 4,360 | |
Shipping ($0.75q) | 5,400 | |
Utilities ($1,220) | 1,220 | |
Other ($480 + $0.01q) | 552 | |
Total expense | 17,452 | |
Net operating income | $ | 13,148 |
The actual results for August appear below:
Quilcene Oysteria | ||
Income Statement | ||
For the Month Ended August 31 | ||
Actual pounds | 7,200 | |
Revenue | $ | 26,900 |
Expenses: | ||
Packing supplies | 2,690 | |
Oyster bed maintenance | 3,260 | |
Wages and salaries | 4,770 | |
Shipping | 5,130 | |
Utilities | 1,030 | |
Other | 1,172 | |
Total expense | 18,052 | |
Net operating income | $ | 8,848 |
Required:
Calculate 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 | |||||
For the Month Ended August 31 | |||||
Flexible Budget | Actual Results | Variance | Effect | ||
Pounds (q) | 7,200 | 7,200 | 0 | None | |
Revenue | $ | 30,600 | 26,900 | -3,700 | U |
Expenses: | |||||
Packing supplies | 2,520 | 2,690 | 170 | U | |
Oyster bed maintenance | 3,400 | 3,260 | -140 | F | |
Wages and salaries | 4,360 | 4,770 | 410 | U | |
Shipping | 5,400 | 5,130 | -270 | F | |
Utilities | 1,220 | 1,030 | -190 | F | |
Other | 552 | 1,172 | 620 | U | |
Total expense | 17,452 | 18,052 | 600 | U | |
Net operating income | $ | 13,148 | 8,848 | -4,300 | U |
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200...
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 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) 7,200 Revenue ($4.10q) $ 29,520 Expenses: Packing supplies ($0.30q) 2,160 Oyster bed maintenance ($3,000) 3,000 Wages and salaries ($2,300 + $0.30q) 4,460 Shipping ($0.80q) 5,760 Utilities ($1,240) 1,240 Other ($460 + $0.01q) 532 Total expense 17,152 Net operating...
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 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) 7,200 Revenue ($4.15q) $ 29,880 Expenses: Packing supplies ($0.35q) 2,520 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,400 + $0.45q) 5,640 Shipping ($0.55q) 3,960 Utilities ($1,250) 1,250 Other ($500 + $0.01q) 572 Total expense 17,342 Net operating...
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 Revenue ($4.10q) $ 31,570 Expenses: Packing supplies ($0.25q) 1,925 Oyster bed maintenance ($3,300) 3,300 Wages and salaries ($2,200 + $0.35q) 4,895 Shipping ($0.75q) 5,775 Utilities ($1,260) 1,260 Other ($470 + $0.01q) 547 Total expense 17,702 Net operating...
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 ($0.30q) 2,190 Oyster bed maintenance ($3,000) 3,000 Wages and salaries ($2,100 + $0.35q) 4,655 Shipping ($0.65q) 4,745 Utilities ($1,260) 1,260 Other ($450 + $0.01q) 523 Total expense 16,373 Net operating...
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 ($4.15q) $ 31,125 Expenses: Packing supplies ($0.35q) 2,625 Oyster bed maintenance ($3,300) 3,300 Wages and salaries ($2,500 + $0.30q) 4,750 Shipping ($0.65q) 4,875 Utilities ($1,280) 1,280 Other ($400 + $0.01q) 475 Total expense 17,305 Net operating...
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7000 pounds of oysters in August. The company's flexible budget for August appears below: The actual results for August appear below: Calculate 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. Input all amounts as positive values. Quilcene Oysteria Flexible Budget For the Month Ended August 31...
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 ($4.10q) $ 31,160 Expenses: Packing supplies ($0.35q) 2,660 Oyster bed maintenance ($3,300) 3,300 Wages and salaries ($2,200 + $0.40q) 5,240 Shipping ($0.75q) 5,700 Utilities ($1,230) 1,230 Other ($500 + $0.01q) 576 Total expense 18,706 Net operating...
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 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 (9) 7,200 $ 30,240 Revenue ($4.209) Expenses: Packing supplies ($0.30q) Oyster bed maintenance ($3,600) Wages and salaries ($2,200 + $0.259) Shipping ($0.659) Utilities ($1,200) Other ($430 + $0.019) Total expense 2,160 3,600 4,000 4,680 1,200 502 16,142 $ 14,098...
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 Actual pounds (q) 7,900 Revenue ($4.20q) 33,180 Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,500) Wages and salaries ($2,200 + $0.30q) Shipping ($0.659) Utilities ($1,240) Other ($410 + $0.01q) Total expense 2,765 3,500 4,570 5,135 1,240 489 17,699 $15,481 Net operating...
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 ($0.25q) 1,900 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,100 + $0.50q) 5,900 Shipping ($0.75q) 5,700 Utilities ($1,290) 1,290 Other ($420 + $0.01q) 496 Total expense 18,386 Net operating...