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Kisachek [45]
3 years ago
9

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in Au

gust. The company’s flexible budget for August appears below: Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Actual pounds (q) 8,000
Revenue ($4.00q) $32,000
Expenses:
Packing supplies ($0.50q) 4,000
Oyster bed maintenance ($3,200) 3,200
Wages and salaries ($2,900 + $0.30q) 5,300
Shipping ($0.80q) 6,400
Utilities ($830) 830
Other ($450 + $0.05q) 850
Total expense 20,580
Net operating income $11,420
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Actual pounds 8000
Revenue 35,200
Expenses:
Packing supplies .4200
Oyster bed maintenance .3100
Wages and salaries .5640
Shipping . .6950
Utilities .810
Other .980
Total expense .21,680
Net operating income .13,520
Required:
Prepare a report showing the company's revenue and spending variances for August.
Business
1 answer:
blsea [12.9K]3 years ago
7 0

Answer:

$ 2,100.00 F

Explanation:

Preparation of the report showing the company's revenue and spending variances for August.

QUILCENE OYSTERIA

REVENUE AND SPENDING VARIANCES

For the Month Ended August 31

Actual Results Flexible Budget

Revenue and Spending Variances

Pounds 8,000 8,000

Revenue ($4.00q) $

35,200- $32,000 =$3,200 F

Expenses:

Packing supplies ($0.50q)

4,200-4,000=200 U

Oyster bed maintenance ($3,200)

3,100-3,200=100 F

Wages and salaries ($2,900 + $0.30q) 5,640-5,300=340 U

Shipping ($0.80q)

6,950-6,400=550 U

Utilities ($830) 810-830=20 F

Other

($450 + $0.05q) 980 -850=130 U

TOTAL EXPENSE

21,680 20,580 1,100 U

NET OPERATING INCOME

$ 13,520 $ 11,420 $ 2,100 F

(35,200-21,680=$ 13,520)

($32,000-20,580=$11,420)

($3,200-1,100=$2,100)

Summary:

Quilcene Oysteria

Revenues and Spending Variance

For the Month ended August 31

Revenue $ 3,200.00 F

Expenses:

Packing supplies $ 200.00 U

Oyster Bed Maintenance $ 100.00 F

Wages and Salaries $ 340.00 U

Shipping $ 550.00 U

Utilities $ 20.00 F

Other $ 130.00 U

Total Expenses $ 1,100.00 U

Net Operating Income $ 2,100.00 F

Therefore the company's revenue and spending variances for August will be :$ 2,100.00 F

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