Devry Manangerial Accounting Exercise 9-17 - Gelato Supremo

Exercise 9-17 Flexible Budgets and Revenue and Spending Variances [LO1, LO3]
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      $ 13.50    $ 69,420   
  Raw materials     $ 5.10    $ 26,890   
  Wages $ 4,800     $ 1.20    $ 11,200   
  Utilities $ 1,860     $ 0.15    $ 2,470   
  Rent $ 3,150         $ 3,150   
  Insurance $ 1,890         $ 1,890   
  Miscellaneous $ 540     $ 0.15    $ 1,390   

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 $1.20 per liter of gelato sold, and the actual wages for July were $11,200. Gelato Supremo expected to sell 5,000 liters in July, but actually sold 4,900 liters.

Required:
Complete the 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). Omit the "$" sign in your response.)