(10 marks) FFF Ltd operates 4X4 tours in the heart of the Alps. The company bases its budgets on two measures of activity (i.e., cost drivers), namely guests and 4X4s. One vehicle used in one tour on one day counts as a 4X4. Each 4X4 has one tour guide. The company uses the following data in its budgeting: Revenue Tour guide wages Vehicle expenses Administrative expenses Actual guests Actual 4X4s Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income FFF Ltd. Income Statement For the Month Ended May 31 Guests 4X4s Revenue Expenses: Fixed element per month $ 0 $ 0 $ 5,600 $ 2,100 In May, the company budgeted for 497 guests and 202 4X4s. The company's income statement showing the actual results for the month appears below: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income FFF Ltd. Flexible Budget Performance Report For the Month Ended May 31 Actual Results 512 197 $87,854 Required: Prepare a report showing the company's flexible budget 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.) 512 197 Variable Variable element element per per guest jeep $ 217 33,157 20,640 7,888 61,685 $26,169 Flexible Budget $ 0 $ 15 $ 14 512 197 $ 0 $ 161 70 $ 0 LA LA LA Flexible Budget Variance $