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 (9) Revenue ($4.309) Expenses: Raw materials ($2.209) Wages and salaries ($6,300 + $0.209) Utilities ($2,200 + $0.059) Facility rent ($3,400) Insurance ($2,900) Miscellaneous ($400 + $0.109) Total expense Net operating income 24,000 $ 103,200 52,800 11,100 3,400 3,400 2,900 2,800 76,400 $ 26,800 In July, 25,000 meals were actually served. The company's flexible budget for this level of activity appears below: Budgeted meals (q) Revenue ($4.309) Expenses: Flight Caf Flexible Budget For the Month Ended July 31 Raw materials ($2.209) Wages and salaries ($6,300+ $0.209) Utilities ($2,200 + $0.059) Facility rent ($3,400) Insurance ($2,900) Miscellaneous ($400 + $0.109) Total expense Net operating income 25,000 $ 107,500 55,000 11,300 3,450 3,400 2,900 2,900 78,950 $ 28,550 Required: 1. Calculate the company's activity variances for July. Note: 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. Required: 1. Calculate the company's activity variances for July. Note: 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. Revenue Expenses: Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating income Flight Caf Activity Variances For the Month Ended July 31