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: Flight Cafe Planning Budget For the Month Ended July 31 Budgeted meals (9) 25,000 Revenue ($4.500) $ 112,500 Expenses: Raw materials ($1.909) 47,500 Wages and salaries ($6,300 + $0.209) 11,300 Utilities ($1,900 + $0.059) 3,150 Facility rent ($3,800) 3,800 Insurance ($2,700) 2,700 Miscellaneous ($700 + $0.109) 3,200 Total expense 71,650 Net operating income $ 40,850 In July, 26,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Cafe Flexible Budget For the Month Ended July 31 Budgeted mealo (a) 26,000 Revenue ($4.500) $ 117.000 Expenses: Raw materials ($1.909) 49,400 Wages and salaries ($6,300+ $0.209) 11,500 Utilities ($1,900 + $0.059) 3,200 Pacility rent ($3,800) 3,800 Insurance ($2,700) 2,700 Miscellaneous ($700 + $0.109) 3,300 Total expense 73,900 Net operating income $ 43,100 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 (.e., zero variance). Input all amounts as positive values.) insurance (94,IUU) Miscellaneous ($700 + $0.109) Total expense Net operating income 2, IVU 3,300 73,900 $ 43,100 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 Cafe 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