Flight Caf prepares in-tight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below Pilet care Planning tuleet For the Month Ended July 31 Budgeted meals 9) 25,000 Revenue 4.100) $102,500 Expenses materials (51.600) 45,000 wages and salaries (56,200 - 50.209) 21,200 Utilities ($2,200 - 50.050) 3,450 Facility rent (5),400) 3,400 Insurance ($2,200) 2,200 niscellaneous (5400 - 50.109) 2,200 Total expense 65/150 Net operating incore $ 34,350 In July, 26,000 meals were actually served The company's flexible budget for this level of activity appears below 26,000 3106,600 Flight Cafe Flachle Budget For the Month Ended July 31 budgeted meals (4) Revenge (54.100) Expenses Raw materials (51.609) Wages and salaries (16,200 50.209) utilities (52,200 - 30.05) Facility rent (53,400) Insurance (52,200 niscellaneous (5400 + 30.109) Total mense set operating Incore 46,600 11,400 3.500 3,400 2.200 20300 5 36,300 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 (le., zero variance), Input all amounts os 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