Flight Cafe is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company's planning budget for July appears below. Required: 1. Compute the company's activity variances for July. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Flight Cafe Planning Budget For the Month Ended July 31 Budgeted meals (0) 29.000 Revenue ($3.900 $ 113,100 63.800 Flight Caf Activity Variances For the Month Ended July 31 Expenses Raw materials ($2.200) Wages and salaries ($6,000+ $0.2001 Utilities ($2.200 - 50.050) Facility rent ($3,600) Insurance ($2.500) Miscellaneous ($500 - 50.100) 11,800 3.650 3,600 2.500 Revenue Expenses: 3.400 Total expense 88,750 $24.350 Raw materials Wages and salaries Utilities Net operating Income Facility rent Insurance In July, 30.000 meals were actually served. The company's flexible budget for this level of activity appears below. Miscellaneous Total expense Net operating income Flight Cafe Flexible Budget For the Month Ended July 31 Budgeted meals (0) 30.000 Revenue ($3.9001 $ 117,000 66,000 12,000 Expenses: Raw materials ($2.200) Wages and salaries ($6,000 - $0.2003 Utilities ($2,200 - 50.05) Facility rent ($3,600) Insurance ($2,500) Miscellaneous ($500 - 50.100) 3.700 3.600 2.500 3.500 Total expense 91,300 Net operating income $ 25,700