Ne'l: operating income $ 38,986 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 He, zero variance]. Input all amounts as positive values} Revenue Expenses: Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating income Flight Cafe prepares inflight 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 (q) 23,888 Revenue ($4.28q) $96,688 Expenses: Raw materials {$2.88q) 46,888 Wages and salaries ($6,488 + $8.28q) 11,888 Utilities ($2,999 + $9.9m) 3,159 Facility rent ($3,488) 3,488 Insurance ($2,288) 2,288 Miscellaneous ($488 + $8.18q) 2,?88 Total expense 68,458 Net operating income $28,158 In July. 24,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Cat Flexible Budget For the Month Ended July 31 Budgeted meals (q) 24,888 Revenue ($4.28q) $188,888 Expenses: Raw materials {$2.88q) 48,888 Wages and salaries ($6,488+ $8.28q) 11,288 Utilities ($2,999 + $9.9m) 3,288 Facility rent ($3,488) 3,488 Insurance ($2,288) 2,288 Miscellaneous ($488 + $8.18q) 2,888 Total expense 78,888