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: 23,000 $92,000 Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.009) Expenses: Raw materials ($2.309) Wages and salaries ($6,200 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($4,000) Insurance ($2,200) Miscellaneous ($700 + $0.109) Total expense Net operating income 52,900 10,800 3.050 4.000 2,200 3,000 75,950 $16.050 In July, 24,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Cate Flexible Budget For the Month Ended July 31 Budgeted meals (g) 24,000 $ 96,000 Revenue ($4.000) Expenses: Raw materials ($2.309) Wages and salaries (56,200+ $0.20g) Utilities ($1,900 + $0.059) Facility rent ($4,000) Insurance ($2,200) Miscellaneous ($700 + $0.109) Total expense Net operating income 55.200 11,000 3,100 4.000 2,200 3,100 78,600 $17.400 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 effect (ie, 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 Net operating income