Exercise 9-2 (Algo) Activity Variances [LO9-2] Flight Caf prepares in-flight meals for airlines and its planning budget for July appears below: In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Required: 1. Calculate the company's activity variances for July. Note: 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. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Flight Caf } \\ \hline \multicolumn{2}{|c|}{ For the Month Ended July 31 } \\ \hline Revenue & \\ \hline Expenses: & \\ \hline Raw materials & \\ \hline Wages and salaries & \\ \hline Utilities & \\ \hline Facility rent & \\ \hline Insurance & \\ \hline Miscellaneous & \\ \hline Total expenses & \\ \hline Net operating income & \\ \hline \end{tabular}