Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the hth of June: evenue aw materials ages tilities ent nsurance iscellaneous evenue Fixed Variable Element per Element per Actual Total Month Liter for June $ 16.00 $ 5.05 $ 1.80 $ 0.60 Via Gelato Revenue and Spending Variances For the Month Ended June 30 penses: Raw materials $6,000 $ 2,030 $3,000 $ 1,750 $ 690 ile 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, ges should be $6,000 plus $1.80 per liter of gelato sold and the actual wages for June were $16,900. Via Gelato expected to sell 00 liters in June, but actually sold 6,200 liters. Wages Utilities Rent quired: culate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable, for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Insurance Miscellaneous tal expense et operating income 0.75 $ 90,540 $31,630 $ 16,900 $ 6,000 $3,000 $1,750 $ 5,200

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.