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 Fixed Element Variable Element Actual Total per Month per Liter for June $ 30.00 $ 190,540 $ 6.45 $ 42,930 $ 7,400 $ 3.20 $ 28,400 $ 3,430 $ 2.00 $ 17,300 $ 4,400 $ 4,400 $ 3, 150 $ 3,15 $ 830 $ 2.15 $ 14,390 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 $7,400 plus $3.20 per liter of gelato sold and the actual wages for June were $28,400. Via Gelato expected to sell 6,400 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.) Answer is complete but not entirely correct. Via Gelato Revenue and Spending Variances For the Month Ended June 30 $ Revenue 198,000 X U Expenses: Raw materials 42,570 U Wages 28,520 F Utilities 16,630 U Rent 4,400 None Insurance 3,150 None Miscellaneous 15,020 F Total expense 110,290 X U Net operating income $ 87,710 X U