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 Caf Planning Budget For the Month Ended July 31 Budgeted meals (g) 30,000 Revenue $4.40g) Expenses: $132,000 Raw materials($2.00g) Nages and salaries ($6,500 $0.20g Utilities ($2,100 +$0.05g) Facility rent ($3,100) Insurance ($2,500) Miscellaneous($400 $0.10g 60,000 12,500 3,600 3,100 2,500 3,400 Total expense Net operating income $ 46,900 In July, 31,000 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 (g) 31,000 Revenue $4.40g) Expenses: $136,400 Raw materials($2.00g) Nages and salaries ($6,500+ $0.20g) Utilities ($2,100 +$0.05g) Facility rent ($3,100) Insurance ($2,500) Miscellaneous($400 $0.10g 62,000 12,700 3,650 3,100 2,500 3,500 87,450 $ 48,950 Total expense Net operating income Required: 1. Calculate the company's activity variances for July. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.., 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