(7 marks) FGH 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: Variable Fixed element Variable element element per per month per guest 4X4 Revenue Tour guide wages Vehicle expenses $ 0 $ 189 $ 0 $ 0 $ 0 $ 175 $ 6,300 $ 28 $ 52 Administrative expenses $ 3,400 $ 15 $ 0 In November, the company budgeted for 376 guests and 171 4X4s. The actual activity for the month was 387 guests and 153 4X4s. Required: Prepare a report showing the company's static budget variance for November. 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.) FGH Ltd. Static Budget Performance Report For the Month Ended November 30 Guests 4X4s Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income Flexible Budget Static Budget Variance 387 153 Planning Budget 376 171