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Flight Caf prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for Jul appears below: 23,000 $ 92,000 Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.009) Expenses: Raw materials ($1.909) Wages and salaries ($6,300 + $0.209) Utilities ($2,100 + $0.059) Facility rent ($3,700) Insurance ($2,700) Miscellaneous ($800 + $0.109) Total expense Net operating income 43,700 10,900 3,250 3,700 2,700 3,100 67,350 $ 24,650 In July, 24,000 meals were actually served. The company's flexible budget for this level of activity appears below: 24,000 $ 96,000 es Flight Caf Tlexible Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.009) Expenses Raw materials ($1.909) Wages and salaries ($6,300+ $0.209) Utilities ($2,100 + $0.05) Facility ront (53,700) Insurance ($2,700) Miscellaneous $800 + $0.100) total expense Net operating incono 45,600 11,100 3,300 3,700 2,700 3,200 69,600 $ 26,400 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 (1.o., zero varlance). Input all amounts as positive values.) 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