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 Care planning Budget For the Month Ended July 31 Budgeted meals (9) 27,00 5105,300 43,600 11,500 Revenue ($3.969) Expenses: Raw materials (51.369) Wages and salaries (56,100 - 50.289) utilities ($2,000 + 50.05) Facility rent (53,500) Insurance (52,200) Miscellaneous (5700 + $0.109) Total expense Net operating Income 2,200 3,480 72,850 532,450 In July, 28.000 meals were actually served. The company's lexible budget for this level of activity appears below 28.ee $109,200 Flight Care Flexible Budget For the Month Ended July 31 Budgeted weals (9) Revenue (53.909) Expenses How materials (51.060) Wages and salaries (56, 100+ 0.209) Utilities ($2.000 - 50.05) Facility rent ($9,000) Insurance (52,200) Miscellaneous (5700 50.100) Total expense let operating income 50,400 11.700 3,400 3.100 2.200 25.000 $ 34,200 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 effectie, zero variance). Input all amounts as positive values.) Hot Cate Activly Variances Insurance ($23200) Miscellaneous (5700 + $0.184) Total expense Net Operating income 2,200 2589 75,000 $ 34,200 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 Cale Activity Variances For the Month Ended July 31 Revenue Expenses Raw materials Wages and salaries Utilities Facility tent Insurance Miscellaneous Total expense Net operating income Prey 8 of 10 !!! Next