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 operations: Fixed Element per Month variable Element per Liter Actual Total For July While gelato is sold by the cone or cup, the shop measure its activity in terms of the number of liters of gelato sold .For example, wages should be$4,600 plus $1,10 per liter of gelato sold, and the actual wages for July were $10,640. Gelato Supermo expected to sell 5,100 liters in July. but actually sold 5,000 liters. 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).)