Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Pixed Variable Actual Element Element per Total for June $ 133,540 $ 37,130 $ 21,300 $ 10,000 $ 3,500 $ 2,250 $ 8,790 per Month Liter $ 21.00 $ 5.55 $ 2.30 $ 1.10 Revenue Raw materials $ 6,500 $ 2,530 $ 3,500 $ 2,250 $ 740 Wages Utilities Rent Insurance Miscellaneous 1.25 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 $6,500 plus $2.30 per liter of gelato sold and the actual wages for June were $21,300. Via Gelato expected to sell 5,400 liters in June, but actually sold 6,600 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.) Yia Gelato

Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Pixed Variable Actual Element Element per Total for June $ 133,540 $ 37,130 $ 21,300 $ 10,000 $ 3,500 $ 2,250 $ 8,790 per Month Liter $ 21.00 $ 5.55 $ 2.30 $ 1.10 Revenue Raw materials $ 6,500 $ 2,530 $ 3,500 $ 2,250 $ 740 Wages Utilities Rent Insurance Miscellaneous 1.25 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 $6,500 plus $2.30 per liter of gelato sold and the actual wages for June were $21,300. Via Gelato expected to sell 5,400 liters in June, but actually sold 6,600 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.) Yia Gelato

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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Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Fixed Element Variable Element Actual Total per Liter $ 20.00 $ 5.45 $ 2.20 $ 1.00 per Month for June $ 122,540 $ 36,030 $ 20,200 Revenue Raw materials $ 6,400 $ 2,430 $ 3,400 $ 2,150 $ Wages Utilities $4 9,100 Rent $4 3,400 Insurance $ 2,150 Miscellaneous 730 $ 1.15 $4 8,050 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 $6,400 plus $2.20 per liter of gelato sold and the actual wages for June were $20,200. Via Gelato expected to sell 6,300 liters in June, but actually sold 6,500 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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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 Revenue Expenses: Raw materials Fixed Element per Month Via Gelato Revenue and Spending Variances For the Month Ended June 30 Wages Utilities Rent $ 7,200 $ 3,230 $ 4,200 $ 2,950 $ 810 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 $7,200 plus $3.00 per liter of gelato sold and the actual wages for June were $26,300. Via Gelato expected to sell 6,200 liters in June, but actually sold 6,400 liters. Insurance Miscellaneous Variable. Element per Liter $ 28.00 $ 6.25 $ 3.00 $ 1.80 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.,…
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Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Fixed Element per Month Variable Element per Liter Actual Total for June Revenue $ 20.00 $122,540 Raw materials $ 5.45 $ 36,030 Wages $ 6,400 $ 2.20 $ 20,200 Utilities $ 2,430 $ 1.00 $ 9,100 Rent $3,400 $3,400 Insurance $ 2,150 $2,150 Miscellaneous $ 730 $ 1.15 $ 8,050 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 $6,4 00 plus $2.20 per liter of gelato sold and the actual wages for June were $20,200. Via Gelato expected to sell 6,300 liters in June, but actually sold 6,500 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.)
Subject: Acounting
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