Exercise 815 Flexible Budgets and Revenue and Spending Varia

Exercise 8-15 Flexible Budgets and Revenue and Spending Variances [LO8-1, LO8-2] Via Gelato is a popular neighborhood gelato shop. The company has provided the following data Fixed VariableActual Element ElementTotal for per Month per LiterJune Revenue Raw materials Wages Utilities Rent Insurance Miscellaneous $18.00$110,530 s 5.25 S 33,730 $ 6,200 $ 2.00S 18,900 $2,230 $ 0.80S 7.550 $ 3,200 $ 1,950 S 710$ 0.95 $ 6,670 $3,200 $1,950 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 $6,200 plus $2.00 per liter of gelato sold and the actual wages for June were $18,900. Via Gelato expected to sell 6,200 liters in June, but actually sold 6,400 liters. Required Complete the report showing Via Gelato revenue and spending variances for June. (Input all amounts as positive values. Indicate the effect of each variance by selecting \"F\" for favorable, U for unfavorable, and \"None\" for no effect (i.e., zero variance.) Via Gelato Revenue and Spending Variances For the Month Ended June 30

Solution

Note: Kindly present the solution below in the required format since the same has not been provided with the question.

Via Gelato
Revenue and Spending Variances
For the Month Ended June 30
	Actual	Revenue and Spending Variance	Flexible Budget
Sales (liters)	6400			6200
Revenue	110530	1070	U	111600
Raw materials	33730	1180	U	32550
Wages	18900	300	U	18600
Utilities	7550	360	U	7190
Rent expense	3200	0	None	3200
Insurance	1950	0	None	1950
Miscellaneous	6670	5960	U	710