Exerclse 9-2 Actlvity Varlances [LO09-2] 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: 10 Flight Caf Planning Budget For the Month Ended July 31 points Sklpped Budgeted meals (q) 18,88e Revenue ($4.58q) $81,888 Raw materials ($2.48q) Wages and salaries ($5,288 $8.38q) Utilities ($2,480$8.85q) Facility rent ($4,308) Insurance ($2,3ea) Miscellaneous ($688$8.18q) Total expense 43, 286 18,680 3, 380 4, 380 2, 380 2,480 eBook Hint 66,188 $14,828 Net operating income Print In July, 17,800 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Caf Flexible Budget For the Month Ended July 31 Budgeted meals (q) 17,880 Revenue ($4.58q) $88,198 Raw materials ($2.48q) Wages and salaries ($5,288 $8.38q) Utilities ($2,480$8.85q) Facility rent ($4,308) Insurance ($2,3ea) Miscellaneous ($688$8.18q) Total expense 42,728 18,548 3, 298 4,380 2, 380 2,466 65,618 $14,490 Net operating income Requlrec 1. Calculate the company's activity variances for July. (Indicate the effect of each verlence by selecting "F" for favorable, "U" for Miscellaneous ($688 se.18q) Total expense 2,468 65,618 Net operating income $14,49 10 Required: 1. Calculate the company's activity varlances for July. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) points Skipped Flight Caf Activity Variances Book For the Month Ended July 31 Revenue Hint Expenses Raw materials Wages and salaries Print Utilities Facility rent References Insurance Miscellaneous Total expense Net operating income