Chapter 9 Exercises 2 For the Month Ended July 31 Budgeted meals (g) 30,000 $120,000 66,000 12,000 20 points Revenue ($4.00q) Expenses: Raw materials ($2.20q) Wages and salaries ($6,000 + $0.20g) Utilities ($2,100 + $0.05g) Facility rent ($3,800) Insurance ($2,900) Miscellaneous ($700+ $0.10g) 3,600 3,800 2,900 3,700 eBook Hint Total expense Net operating income 92,000 $ 28,000 Ask In July, 31,000 meals were actually served. The company's flexible budget for this level of activity appears below: Print Flight Caf Flexible Budget For the Month Ended July 31 References Budgeted meals (g 31,000 $124,000 68,200 12,200 3,650 3,800 evenue ($4.00g) Expenses: Raw materials ($2.20a) Wages and salaries ($6,000+ $0.20g) Utilities ($2,100+ $0.05g) Facility rent ($3,800) Insurance ($2,900) Miscellaneous ($700 + $0.10g) 2,900 3,800 Total expense Net operating income $ 29,450 Required 1. Calculate the company's activity variances for July. (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.) Flight Caf Activity Variances For the Month Ended July 31 Revenue Expenses Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating