Exercise 9-2 (Algo) Activity Variances (L09-2) 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: Flight care Planning Budget For the Month Inded July 31 Tadgeted meals (9) 27,000 Revenue (54.2091 5113,400 Expenses jaw materials ($1.909) 51,300 Wages and salaries (56,200 + $0.209) 11,600 Utilities (52,000 - 50.059) 3,350 Facility rent 53.100) 3.100 Insurance ($2,500) 2,500 Lucellaneous 300.50.100) 3.000 Total expense set operating-Income 5. 30.550 In July, 28,000 meals were actually served. The company's flexible budget for this level of activity appears below: Tht Care 20,000 $117.500 Flexible budget Yor the Month Ended July 31 Badgeted seals (9) Revenue (54.209) Expenses TV materiale (51.909) Wages and salaries (56,200 50.200) DELLO 52,000 - 50.053 Facility tent (53.100) Insurance ($2,500 Kecellaneous (5300 - 50.1093 Total expense Set operating Income 53,200 11.00 3,400 3,100 2,500 2100 200 540,500 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 (1.e., zero variance). Input all amounts as positive values.) Required: 1. Calculate the company's activity variances for July (Indicate the effect of each variance by selecting "P" for favorable. "U" for unfavorable, and "None" for no effect (1.o., zero variance). Input all amounts as positive values.) Flight Cate Activity Variances For the Month Ended July 31 Revenue Expenses Raw materials Wages and salaries ULOS Facility rent Insurance Miscellaneous Total expense Not operating income