Exercise 8-15 Flexible Budgets and Revenue and Spending Variances [LO1, LO2] 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 $4,500 plus $1.10 per liter of gelato sold, and the actual wages for July were $10,740. Gelato Supremo expected to sell 5,300 liters in July but actually sold 5,200 liters. Required: Prepare a report showing Gelato Supremo revenue and spending variances for July. (Input all amounts as positive values. Leave no cells blank - be certain to enter 0 wherever required. Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and None for no effect (i.e., zero variance).)