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) 23,000 598.900 Revenue ($4.309) Expenses: Raw materials ($2.009) Wages and salaries ($6,400 + $0.209) Utilities ($1,800 + $0.059) Facility rent ($3,500) Insurance ($2,300) Miscellaneous ($700+ $0.109) Tatal expense Net operating Income 46,000 12,000 2,950 3,500 2,300 B.000 68,250 530,150 In July, 24,000 meals were actually served The company's flexible budget for this level of activity appears below In July, 24.000 meals were actually served. The company's flexible budget for this level of activity appears below. Fight Cafe Flexible Budget For the Month Ended Boly 31 Budgeted meals 24.000 Revenue (54.309) $ 103,200 Expenses: Raw materials (52.000) Wages and salaries (56,400+ 50.209) 11.200 utilities ($1,600 - 50.05) 3,000 Facility rent (53,500) 3.5e Insurance (32x300) 2,500 Miscellaneous (5700 - 50.100) 2100 Total expense 73.100 fet operating income $ 32,100 Required: 1. Calculate the company's activity variances for July (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfovorable, and "None" for no effect (.e., zero variance), Input all amounts os positive values.) 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 Cate 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