Exercise 9-2 Activity Variances (LO9-2] 20 points Flight Caf prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: eBook Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) Hint 23,000 $101,200 Print References Revenue ($4.409) Expenses : Raw materials ($2.000) Wages and salaries ($6,300 + $0.20g) Utilities ($2,000 + $0.059) Facility rent ($3,400) Insurance ($2,700) Miscellaneous ($900 + $0.109) Total expense Net operating income 46,000 10,900 3,150 3,400 2,700 3,200 69,350 $ 31,850 Flexible Budget For the Month Ended July 31 Budgeted meals (q) 24,000 $105,600 20 points Revenue ($4.409) Expenses : Raw materials ($2.009) Wages and salaries ($6,300+ $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,400) Insurance ($2,700) Miscellaneous ($900 + $0.109) Total expense Net operating income 48,000 11,100 3,200 3,400 2,700 3,300 71,700 $ 33,900 eBook Hint Print References 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