Exercise 9-2 Activity Variances (LO9-2] Flight Caf prepares inflight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below Flight care Planning Budget For the Month Ended July 31 Budgeted meals (9) 24,000 $105.600 Revenue ($1.409) Expenses: Raw materials (51.909) Wages and salaries (56,000 $0.209) Utilities ($1,900 - 50.059) Facility rent ($3,600) Insurance ($2,300) Miscellaneous ($600 + $0.100) Total expense Net operating income 45,600 10,500 3,160 3,600 2,300 2.000 68,400 $ 37,200 In July, 25.000 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 11 Budgeted meals (o) 25,000 $110,000 Revenue ($4.400) Expenses Raw materials (51:909) Wages and salaries ($6,000+ $0.200) 47,500 11,000 Kevenue (4.4) Expenses: Raw materials ($1.909) Wages and salaries ($6,000+ $0.204) Utilities (51,900 $0.859) Facility rent ($3,600) Insurance ($2,300) Miscellaneous ($600 $0.109) Total expense Net operating income 47,500 11,00 3,150 3,600 2,300 3.100 70,650 $ 99,350 Required: 1. Calculate the company's activity variances for July, (Indicate the effect of each voronce by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i... zero varianco) Input all amounts os positive values.) Flight Care Activity Variances For the Month Ended July 35 Revenue Expenses Raw matenals Wages and salaries Uutis Facility and insurance Miscellaneous Total expense IN natininen