05 TB Problem Qu. 9-422 Cryan Jeep Tours operates jeep tours... Cryan Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (ie., cost drivers), namely guests and jeeps. One vehicle used in one tour on one day counts as a jeep. Each jeep has one tour guide. The company uses the following data in its budgeting: Fixed element per month Variable element Variable element per guest per jeep Revenue $247 Tour guide wages. $ 0 $ 0 $ 0 $158 Vehicle expenses $ 5,900 $ 18 $ 73 Administrative expenses $2,400 $ 17 $ 0 In May, the company budgeted for 512 guests and 217 jeeps. The company's income statement showing the actual results for the month appears below: Cryan Jeep Tours: Income Statement For the Month Ended May 31 Actual guests Actual jeeps Revenue Expenses: 527 212 $102,854 Tour guide wages Vehicle expenses Total expense Net operating income 35,557 22,140 Administrative expenses 9,388 67,085 $ 35,769 8:50 Required: Prepare a report showing the company's revenue and spending variances for May. Label each variance as favorable (F) or unfavorable (U). (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.) Cryan Jeep Tours Revenue and Spending Variances For the Month Ended May 31 Guests Jeeps Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income Actual Results Flexible Revenue and Budget Spending Variances 527 527 212 212