Flight Caf prepares in-flight meals for airlines in its kitchen located next to a local alrport. The company's planning budget for July appears below: Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) 24, Bee $96,000 Revenue (54.ee) Expenses: Raw materials ($2.289) Wages and salaries ($6,100 + $0.209) Utilities ($2,600 + $8.959) Facility rent (53,500) Insurance ($2,108) Miscellaneous (5700 + $0.189) Total expense Net operating income 52,800 19,900 3,200 3,500 2,100 3,100 75,600 $20,400 In July, 25,000 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) 25,000 Revenue (54.209) $100,000 Expenses: Raw materials ($2.209) 55,000 Wages and salaries (56,100+ se.289) 11,100 utilities ($2,000 + $0.859) 3,250 Facility rent ($3,500) 3, see Insurance (52,180) 2,100 Miscellaneous ($700 + $0.109) 3,200 Total expense 78,150 Net operating income $ 21,850 tos Required: 1. Calculate the company's activity variances for July (Indicate the effect of each variance by selecting "F" for favorable, "U"f unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Requirea: 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 (1.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 salarios Utilities Facility ront Insurance Miscellaneous Total expense Net operating income