light Caf prepares in-light meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (4) 25,000 Revenue ($4.10g) Expenses $102,500 Raw materials ($2.10g) Wages and slaie (56,400.20g) Utilities ($2,200 $0-05g) Facility rent ($3,100) Insurance ($2,100) Miscellaneous ($700 $0.10g) 52,500 11,400 3,450 3,100 2,100 Total expense Net operating income s 26,750 In July, 26,000 meals were actually served. The company's flexible budget for this level of activity appears below Flight Caf Flexible Budget For the Month Ended July 31 Budgeted meals (g) 26,000 Revenue ($4.10g) Expenses t $106 600 Raw materials ($2.10q) Wages and salaries ($6,400+ $0.20g) Utilities ($2,200$0.05g) Facility rent ($3,100) Insurance ($2,100) Miscellaneous ($700 0.10g) Ragen and aiaries 0$6,400 50.20q) 11: 600 11,600 3,500 3,100 2,100 3,300 Total expense 8.20 Net operating income 28,400 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 (i.e., zero variance). Input all amounts as positive values.)