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: Plight Care Planning Budget For the Month Ended July 31 Budgeted meals (9) 30,000 $132,000 Revenue (54.409) Expenses Raw materials ($2.209) Wages and salaries ($6,500 + $0.200) Utilities ($1,900 + $0.059) Tacility rent ($3,000) Insurance ($2,400) Miscellaneous ($400 + $0.100) Total expense Net operating income 66,000 12,500 3,400 3,000 2,400 3,400 90, 700 $ 41,300 In July, 31,000 meals were actually served. The company's flexible budget for this level of activity appears below. Flight Cat6 Flexible Budget For the Month Ended July 31 Dudgeted meals (9) 31,000 Revenue (54.400) $136,400 Expenses Raw materials (52.209) 68,200 Wages and salaries ($6,500+ $0.209) 12,700 Utilities ($1.900 + $0.050) 3,450 Facility rent ($3,000) 3.000 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 (0) 31,000 $136,400 Revenue (54.4091 Expenses Raw materials (52.209) Nages and salaries ($6,500+ $0.2007 utilities ($1,900 - 50.052) Facility rent ($3,000) Insurance (02,400) Miscellaneoon ($400 + $0.100) Total expense Het operating in 68,200 12,700 3,450 3.000 2.400 3,500 91,250 $ 43.150 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... zero variance). Input all amounts as 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 (.e., zero variance). Input all amounts as positive values.) Flight Cafe Activity Variances For the Month Ended July 31 Revenue Expenses Raw materials Wages and salaries Utiltas Facility rent Insurance Miscellaneous Total expense Not operating income