Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) 26,000 $109,200 Revenue ($4.209) Expenses: Raw materials ($2.209) Wages and salaries ($6,200 + $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,000) Insurance ($2,400) Miscellaneous ($600 + $0.109) Total expense Net operating income 57,200 11,400 3,300 3,000 2,400 3,200 80,500 $ 28,700 In July, 27,000 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) 27,000 $113,400 Revenue ($4.209) Expenses: Raw materials ($2.209) Wages and salaries ($6,200+ $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,000) Insurance ($2,400) Miscellaneous ($600 + $0.109) Total expense Net operating income 59,400 11,600 3,350 3,000 2,400 3,300 83,050 $ 30,350 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 (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