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 Fixed Element per Month $6,600 $ 2,630 $3,600 $ 2,350 $ 750 Variable Element per Liter $ 22.00 $ 5.65 $ 2.40 $ 1.20 Actual Total for June $ 130,540 $ 35,930 $ 21,000 $ 10,500 $ 3,600 $ 2,350 $ 8,590 1.35 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 $6,600 plus $2.40 per liter of gelato sold and the actual wages for June were $21,000. 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 (i.e., zero variance). Input all amounts as positive values.)

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.