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: 27,000 $118, 800 Flight Care planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue (54.404) Expenses: Raw materials ($1.809) Wages and salaries (56, 100 + $0.209) Utilities ($1,900 + 30.059) Facility rent ($4,000) Insurance ($2,400) Miscellaneous ($900 + $0.100) Total expense Net operating income 48, 600 11,500 3,250 4,000 2,400 3, 600 73,350 $ 45,450 ces In July, 28,000 meals were actually served. The company's flexible budget for this level of activity appears below. Flight Cata Flexible Budget For the Month Ended July 31 Budgeted meals) 20,000 Revenue $4.409) 5123,200 Expenses: Raw materiala 51.00) 50.400 Hages and salaries (56,100+ $0.20 11.700 Utilities (51.900 + 10.05 3,300 Tacility rent34,000 4,000 Insurance 62.400) Miscellaneous 0900 + $0.100) Total expense 76,500 Het operating income 47.700 2,400 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 effectie., zero variance). Input all amounts as positive values.) Flight Cafe Activity Variances For the Month Ended July 31