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:
Prepare a report showing Gelato Supremo revenue and spending variances for July.
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