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HOP Save & Ex 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: 18,000 $81,000 Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.509) Expenses Raw materials ($2.409) Wages and salaries ($5,200 + $0.30) Utilities ($2,400 + $0.059) Facility rent ($4,300) Insurance ($2,300) Miscellaneous ($680 + $0.109) Total expense Net operating income 43,200 10,600 3,300 4,300 2,300 2,480 66,180 $14,820 In July, 17,800 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 (9) 17,800 $80, 100 Revenue ($4.50) Expenses Raw materials ($2.409) Wages and salaries ($5,200 $0.300) Utilities ($2,400 + $0.059) Facility rent ($4,300) Insurance ($2,300) Miscellaneous ($680 + $0.109) Total expense Net operating income 42,720 10,540 3,290 4,300 2.300 2,460 $14,490 30 of 31 !!! Net operating income $14,490 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 Expenses: Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expense Net operating income