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Exercise 9-2 Activity Variances [LO9-2] 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 Caf Planning Budget For the Month Ended July 31 Budgeted meals (q) 29,000 Revenue ($4.30q) Expenses: $124,700 55,100 11,900 3,550 3,800 2,600 3,600 80,550 S 44,150 Raw materials ($1.90q) ages and salaries ($6,100 + $0.284) Utilities ($2,100$0.05q) Facility rent ($3,800) Insurance ($2,600) Miscellaneous($700 $0.10g) Total expense Net operating income In July, 30,000 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 (q) 30,000 Revenue ($4.30q) Expenses: $129,000 Raw materials ($1.90q) ages and salaries ($6,100+ $0.284) Utilities ($2,100$0.05q) Facility rent ($3,800) Insurance ($2,600) Miscellaneous($700 $0.10g) 57,000 12,100 3,600 3,800 2,600 3,700 Total expense Net operating income S 46,200 Required 1. Calculate the company's activity variances for July. (Indlcate the effect of each varlance by selecting "F" for favorable, "U" for : unfavorable, and "N ne" for no effect (Le., zero variance). Input all amounts as positive values.) Required 1. Calculate the company's activity variances for July. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as posltive values.) Flight Caf Activity Variances For the Month Ended July 31 Revenue Expenses: Raw materials Wages and salaries Facility rent Insurance Miscellaneous Total expense Net operating income