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: 25,000 $100,000 Flight Cafe Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.989) Expenses: Raw materials ($1.809) Wages and salaries ($6,000 + $0.209) Utilities ($1,800 + $0.05) Facility rent ($3,000) Insurance ($2,600) Miscellaneous ($600 + $0.189) Total expense Net operating income 45,000 11,800 3,850 3,000 2,600 3,100 67, 750 $ 32,250 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 meals (9) 26,000 Revenue ($4.889) Expenses: $104,800 2 Book In July, 26,000 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 (9) 26,000 Revenue ($4.000) $104,000 Expenses: Raw materials ($1.809) 46,800 Wages and salaries ($6,000+ $0.289) 11,200 Utilities ($1,800 + $0.05) 3,100 Facility rent ($3,000) 3,000 Insurance ($2,600) 2,600 Miscellaneous ($600 + $0.100) 3,200 Total expense 69,900 Net operating income $ 34,100 cences Required: 1. Calculate the company's activity variances for July (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (ie, 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 Caf Activity Variances For the Month Ended July 31 Revenue Expenses Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Not operating income