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 $ 89,700 Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($3.909) Expenses : Raw materials ($2.300) Wages and salaries ($6,100 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,300) Insurance ($2,600) Miscellaneous ($900 + $0.109) Total expense Net operating income 52,900 10,700 3,050 3,300 2,600 3,200 75, 750 $ 13,950 In July, 24,000 meals were actually served. The company's flexible budget for this level of activity appears below: 24,000 $ 93,600 Flight Caf Flexible Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($3.909) Expenses : Raw materials ($2.30) Wages and ($6,100+ $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,300) Insurance ($2,600) Miscellaneous ($900 + $0.109) Total expense Net operating income 55,200 10,900 3,100 3,300 2,600 3,300 78,400 $ 15,200 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 (i.e., 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 (i.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 salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating income