Cryan Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (le, 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: Revenue Tour guide wages Vehicle expenses Administrative expenses Fixed element Variable element per Variable element per per month 50 guest $257 deep 50 $6,000 $2,500 50 50 $157 $19 $ 74 $ 18 30 In May, the company budgeted for 517 guests and 222 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 532 Actual Jeeps 217 Revenue $107,054 Expenses: Tour guide wages 36,357 22,640 Administrative expenses 9,000 Vehicle expenses Total expense Net operating Income Required: 68,885 $ 38,969 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 (ie., zero variance). Input all amounts as positive values.) Cryan Jeep Tours Proctoria is sharing your soten Stop sharing 11 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 Budget Revenue and Spending Variances 532 532 217 217