RA CREDIT PRACTICE PROBLEMS FOR FINAL EX... 6 Saved Help Save & Exit 5 Flight Caf 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 Cata Planning Budget For the Month Ended July 31 Budgeted meala (2) 21,000 $88,200 eBook Revenge ($4.209) Expenses Raw materials ($1.909) Wages and salaries ($6.400 - 80.209) Utilities (01.800 + $0.050) Tacility rent ($3,900) Insurance ($2,500) Miscellaneous (9400 $0.100) Total expense Net operating income 39,900 10.600 2.050 3,900 2,500 2.500 62,250 $25,950 ferences In July, 22,000 meals were actually served. The company's exible budget for this level of activity appears below Flight Care Flexible Dudget For the Month Ended July 1 Budgeted meals (9) 22.000 $92.400 Revenue (54.209) Expenses Raw materials (51.909) Wages and salaries ($6,400+ $0.209) Utilities ($1,800 + 50.059) Facility rent ($3,900) Insurance (52,500) Miscellaneous (5400 + $0.109) 41,800 10.800 2.900 3,900 2.500 2.600 Net operating income 62,250 $25,950 In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below. 22,000 bok $92,400 int Flight Cafe Plexible Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.209) Expenses: Raw materials ($1.90) Wages and salaries ($6,400+ $0.209) Utilities ($1,800 + $0.059) Facility rent ($3,900) Insurance ($2,500) Miscellaneous ($400 + $0.100) Total expense Net operating income ences 41,800 10,800 2,900 3,900 2,500 2,600 64.500 $ 27,900 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 Caf Activity Variances For the Month Ended July 31 Revenue 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 (l.e., zero variance). Input all amounts as positive values.) ts Book Print ferences Flight Caf 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