56,000 liters in June, but actually sold 6,200 liters.Required:Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable."U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)Via GelatoRevenue and Spending VariancesFor the Month Ended June 30RevenueExpensesRaw materialsWagesUtilitiesRentInsuranceMiscellaneousTotal expenseNet operating incomeCheck my Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for themonth of June:RevenueRaw materialsWagesUtilitiesRentInsuranceMiscellaneousFixedElementper Month$ 6,300$ 2,330$ 3,300$ 2,050$ 720VariableElement perLiter$ 19.00$5.35$ 2.10$ 0.901.05Via GelatoActualTotal forJune$ 111,530$ 33,830$ 18,900$ 8,100$3,300$ 2,050$6,900While 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 $6,300 plus $2.10 per liter of gelato sold and the actual wages for June were $18,900, Via Gelato expected to sell6,000 liters in June, but actually sold 6,200 liters.Required:Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable,"U" for unfavorable, and "None" for no effect (i.e.. zero variance). Input all amounts as positive values.)Check my ww

The variance is the difference between the standard and actual cost production data. The revenue and…

Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Revenue Raw materials Wages Utilities Rent Insurance Miscellaneous Variable Fixed Element Element per per Month Liter $ 19.00 $5.35 $ 2.10 $ 0.90 $ 6,300 $ 2,330 $ 3,300 $ 2,050 $ 720 1.05 Actual Total for June $ 111,530 $ 33,830 $ 18,900 $ 8,100 $ 3,300 $ 2,050 $ 6,900 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 $6,300 plus $2.10 per liter of gelato sold and the actual wages for June were $18,900, Via Gelato expected to sell 6,000 liters in June, but actually sold 6,200 liters. Required: Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.)

Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Revenue Raw materials Wages Utilities Rent Insurance Miscellaneous Variable Fixed Element Element per per Month Liter $ 19.00 $5.35 $ 2.10 $ 0.90 $ 6,300 $ 2,330 $ 3,300 $ 2,050 $ 720 1.05 Actual Total for June $ 111,530 $ 33,830 $ 18,900 $ 8,100 $ 3,300 $ 2,050 $ 6,900 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 $6,300 plus $2.10 per liter of gelato sold and the actual wages for June were $18,900, Via Gelato expected to sell 6,000 liters in June, but actually sold 6,200 liters. Required: Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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