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 Caf Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.20q) Expenses: 26,000 $ 109,200 Raw materials ($2.30g) Wages and salaries ($6,500 $0.20g) Utilities ($2,200+ $0.059) Facility rent ($3,700) Insurance ($2,000) Miscellaneous ($400+ $0.10q) Total expense Net operating income In July, 27,000 meals were actually served. The company's flexible budget for this level of activity appears below: 59,800 11,700 3,500 3,700 2,000 3,000 83,700 $ 25,500 In July, 27,000 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 (q) Revenue ($4.20q) Expenses: Raw materials ($2.309) Wages and salaries ($6,500+ $0.20g) utilities ($2,200+ $0.059) Facility rent ($3,700) Insurance ($2,000) Miscellaneous ($400+ $0.109) Total expense Net operating income 27,000 $ 113,400 62,100 11,900 3,550 3,700 2,000 3,100 86,350 $ 27,050 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.) alculate 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.) Revenue Expenses Flight Cafe Activity Variances For the Month Ended July 31 Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating income