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 income | $ | 14,287 |
The actual results for August appear below:
Quilcene Oysteria | ||
Income Statement | ||
For the Month Ended August 31 | ||
Actual pounds | 7,300 | |
Revenue | $ | 26,500 |
Expenses: | ||
Packing supplies | 2,360 | |
Oyster bed maintenance | 2,860 | |
Wages and salaries | 5,065 | |
Shipping | 4,475 | |
Utilities | 1,070 | |
Other | 1,143 | |
Total expense | 16,973 | |
Net operating income | $ | 9,527 |
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.)
Revenue and spending variance
Revenue (30660-26500) | 4160 | U |
Expense | ||
Packing supplies (2190-2360) | 170 | U |
Oyster bed maintenance (3000-2860) | 140 | F |
Wages and salaries (4655-5065) | 410 | U |
Shipping (4745-4475) | 270 | F |
Utilities (1260-1070) | 190 | F |
Other (523-1143) | 620 | U |
Total expense | 600 | U |
Net operating income | 4760 | U |
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300...
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 (9) 7,300 Revenue ($4.209) 9.30,660 Expenses: Packing supplies ($0.40) Oyster bed maintenance ($3,300) Wages and salaries ($2,100 + $0.45) Shipping ($0.659) Utilities ($1,240) Other ($410 + $0.019) 2,920 3,300 5,385 4,745 1,240 483 18,073 Total expense 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 ($4.10q) $ 31,160 Expenses: Packing supplies ($0.25q) 1,900 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,400 + $0.45q) 5,820 Shipping ($0.70q) 5,320 Utilities ($1,260) 1,260 Other ($450 + $0.01q) 526 Total expense 18,026 Net...
Check 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: 7,300 $ 29,565 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue (54.859) Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,100) Wages and salaries ($2,200 + $0.489) Shipping ($0.650) Utilities (51,240) Other ($460 + $0.019) Total expense Net operating income 2,555 3,100 5,120 4,745 1,240...
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 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 7,400 pounds of oysters in August. The company’s flexible budget for August appears below: Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.259) 7,400 $31,450 Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.359) Shipping ($0.809) Utilities ($1,260) Other ($470 + $0.019) 2,590 3,100 5,090 5,920 1,260 544 Total expense 18,504 Net operating income $12,946 The...
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: Flexible Budget For the Month Ended August 31 Actual pounds (a) Revenue ($4.20q) $29,820 Packing supplies (S0.35q) Oyster bed maintenance ($3,300) Wages and salaries ($2,300 $0.50q) Shipping ($0.65q) Utilities (S1,240) Other ($480+ $0.01q) 2.485 3,300 5,850 4,615 551 Total expense Net operating income $11,779 The actual results for August appear below:...
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 $ 31,160 Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,600) Wages and salaries ($2,200 $0.45q) Shipping ($0.65q) Utilities ($1,240) Other ($420 $0.01q) 2,660 3,600 5,620 4,940 1,240 496 18,556 $12,604 Total expense 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 ($0.25q) 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...
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 (9) 7,600 $ 30,780 Revenue ($4.659) Expenses: Packing supplies ($0.409) Oyster bed maintenance ($3,500) Wages and salaries ($2,500 + $0.459) Shipping ($0.759) Utilities ($1,280) Other ($430 + $0.019) Total expense Net operating income 3,040 3,500 5,920 5,700 1,280 506...