Fight Caf is a company that prepares in-fight meals for airlines in its kitchen located next to the local airport. The company's planning budget for July appears below Flight Cale Planning Budget For the Month Ended July 31 Budgeted meals ( Revenue (34.10) 27,000 $110 700 Raw materials ($2.10al Wages and salaries ($6,100+$0.20g Utlities ($1,900 $0.05q) Facility rent ($3,700) Insurance ($2.900) Miscelaneous ($600 +$0.10g) 6,700 11,500 3,250 3,700 Total expense Net operating income In July, 28,000 meals were actually served. The companys flexible budget for this level of activity appears below Fight Caf Flexible Budget For the Month Ended July 31 Budgeled meals( Revenue (54.10 8,000 Raw materials ($2.10g Wages and salaries (36,100+50 20g) 4,800 11,700 3,300 3,700 2,900 Uties ($1.900 S0.4) Facility ren ($3,700 Insurance ($2.900) Miscelaneous ($600+$0.10 Total expense Net operating income 31,000 Required: 1. Compute 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 e, zero variance). Input all amounts as positive values Caf Activity Variances For the Month Ended July 31 In July, 28,000 meals were actualy served. The company's flexible budget for this level of activity appears below Fight Cal Flexible Budget For the Month Ended July 31 Budgeted meals (q Revenue ($4.10q) Raw materials ($2.10g) Wages and salaries (S6,100 $0.20q) Utities ($1,900 $0.06q) Faclity re ($3,700) Insurance ($2,900) Mscellaneous ($600+S0.10a) 58 .800 11,700 3.300 3.700 Total expense Net operating income S 31.000 Required: 1 Compute the company's acnvey variances 'or Jay. Ondicate the omect of each variance by selecting "F"10etavorable, "U" fer unfavorable, and "none" for no eneet 41.e., zero variance). Input all amounts as positive values Activity Variances For the Month Ended July 3 Expenses Wages and salaries Usities Facity rent Net operating income