2 3 points 02:36 48 Flight Caf prepares in-flight meals for airlines and its planning budget for July appears below. Flight Caf Planning Budget For the hunth Ended July 31 Budgeted meals (4) Revenue (53.90) Expenses Raw materials ($2.00) Wages and salaries (56,500 +10.200) 25,000 $97,500 50,000 11,500 eflock Print utilities ($2,000 +$0.050) Facility cent ($3,500) Insurance ($2,700) Miscellaneous ($700 + 50.100) Total expenses Net operating Income 3,250 3,900 2,700 3,200 74,550 $ 22,950 In July, 26.000 meals were actually served. The company's flexible budget for this level of activity appears below Flight Cafe Flexible Budget For the Month Ended July 31 Budgeted meals (4) Revenue ($3.900) Expenses Raw materials ($2,000) Hages and salaries ($6,500+ 50.200) utilities ($2,000 50,054) Facility rent ($3,500) Insurance ($3,700) Miscellanes ($700 +10.10g) Total expenses Net operating Income Required: 1 Calculate the company's activity variances for July 26,000 $301,400 52,000 11,700 3,300 3,000 2,700 3,500 70,900 $24,500) Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero. variance). Input all amounts as positive values Revemie Expenses Raw material Wages and salaries Usides Facity rent Insurance Miscellaneous Total expenses Nel operating income Fight Cate Activity Variances For the Month Ended July 31