budgets on two measures of activity (i.e, cost drivers), namely guests and jeeps. One vehicle used i one tour on one day counts as a jeep. Each jeep has one tour guide. The company uses the following data in its budgeting: 4) H lottle Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its Variable element per guest $144 Variable Fixed element per month element per jeep So $0 SO $4,400 $1.600 Tour guide wages. Vehicle expenses $163 $0 $5 $70 S0 Administrative expenses $2 In February, the company budgeted for 342 guests and 146 jeeps. The company's income statement showing the actual results for the month appears below: Hottle Jeep Tours Income Statement For the Month Ended February 28 Actual guests Actual jeeps.. 367 149 . ...$52.058 Expenses Tour guide wages.24,277 16,555 2.374 43.206 Net operating income.$8.852 Vehicle expenses. Administrative expenses Total expense. Required: Prepare a flexible budget performance report showing both the company's activity variances and revenue and spending variances for February. Label each variance as favorable (F) or unfavorable