Gelato Supremo is a popular neighborhood gelato shop. The company has provided the following data concerning its operations: Fixed Element per Month Variable Element per Liter Actual Total for July Revenue $13.50 $69,420 Raw materials $5.10 $26,890 Wages $4,800 $1.20 $11,200 Utilities $1,860 $0.15 $2,470 Rent $3,150 $3,150 Insurance $1,890 $1,890 Miscellaneous $540 $0.15 $1,390 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. Required: Prepare a report showing Gelato Supremo revenue and spending variances for July