EXERCISE 9–17 Flexible Budgets and Revenue and Spending Variances [LO1, LO3]
Gelato Supremo is a popular neighborhood gelato shop. The company has provided the following data concerning its operations:
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.
Prepare a report showing Gelato Supremo revenue and spending variances for July.
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