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Gelato Supremo is a popular neighborhood gelato shop. The company has provided the following data concerning its operations:
Fixed Element per Month
Variable Element per Liter
Actual Total for July
Revenue
$
13.70
73,140
Raw materials
4.50
24,860
Wages
4,800
1.10
10,920
Utilities
1,830
0.10
2,214
Rent
3,200
Insurance
1,940
Miscellaneous
540
1,169
While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example, wages should be $4,800 plus $1.10 per liter of gelato sold, and the actual wages for July were $10,920. Gelato Supremo expected to sell 5,200 liters in July, but actually sold 5,100 liters.
Required:
Prepare a report showing Gelato Supremo revenue and spending variances for July. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Gelato Supremo Revenue and Spending Variances For the Month Ended July 31
Flexible Budget
Actual Results
Revenue and Spending Variances
(Click to select)UFNone
Expenses:
(Click to select)FUNone
(Click to select)UNoneF
(Click to select)NoneUF
Total expense
(Click to select)NoneFU
Net operating income
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