Flight Cafe 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 Once Planning Budget For the Month Ended July 31 Budgeted meals al 26,000 $109200 Revence (54.209) Expenses Raw materials ($2.000) Wages and salaries (56,100 - 10.2001 Utilities $1,900 + $0.059) Facility Tent ($3,200) Innorance (52.600) Miscellaneous (5700 + $0.100) Total expense Het operating income 52.000 11.300 3,200 3.200 2.500 3.300 75,600 $33,600 In July, 27,000 meals were actually served. The company's flexible budget for this level of activity appears below ght Care Flexible Budget For the Month Ended July 33 Budgetea mea ) 27,000 Sevenue (4:20) $113, 100 Expenses Haw material (52.0001 53,000 Wages and salaries (56.100+ $0.209) 12.500 Delit ($1,900 - 00.05) 3,250 FACE Sty sent ($3,200) 3,200 Insurance (2,600) 2,600 Miscellaneous $700 50.100) 3.100 Total expense 77950 Het operating con $ 35,450 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 os positive values.) Flight Cafe Activity Valiances Saved exte wuaget For the Month Ended July 31 Budgeted meals 27.000 $213.400 Revenue (54.209) Expenses: Raw materials (52:00) Wages and salaries ($6,100+ $0.209) Utilities ($1,900 + $0.059) Facility rent $3,200) Insurance ($2,600) Miscellaneous ($700 + $0.100) Total expense Net operating income 34.000 11,500 3,250 3,200 2,600 3,400 77.950 $ 35, 450 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 Cato 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