Flight Caf is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company's planning budget for July appears below. Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) 25,000 Revenue ($4.300) 107,500 Expenses: Raw materials ($2.309) Wages and salaries ($6,100 + $0.20) Utilities ($1,900 + $0.05) Facility rent ($3,900) Insurance ($2,000) Miscellaneous ($800 + $0.100) 57,500 11,100 3,150 3,900 2,000 3,300 Total expense 80,950 Net operating income $26,550 In July, 26,000 meals were actually served. The company's flexible budget for this level of activity appears below: In July, 26,000 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 (9) 26,000 Revenue ($4.300) $ 111,800 59,800 Expenses: Raw materials ($2.300) Wages and salaries ($6,100+ $0.200) Utilities ($1,900 + $0.05) Facility rent ($3,900) Insurance ($2,000) Miscellaneous ($800 + $0.100) 11,300 3,200 3,900 2,000 3,400 83,600 Total expense Net operating income $28,200 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 (i.e., zero variance). Input all amounts as positive values.) Flight Caf Activity Variances For the Month Ended July 31 Revenue Expenses: Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating income