Hottle Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (i.e., 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 Variable element per element per per month guest jeep 0 $ 142 $ 0 $ 0 $ 0 $ 162 $ 4.700 $ 4 S 70 $ 1.400 S 3 S 0 384 In February, the company budgeted for 342 guests and 142 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 147 Revenue $ 50,968 Expenses: Tour guide wages 23,801 Vehicle expenses 18 342 Administrative expenses 2,535 Total expense 42.878 Net operating income $ 8.200 Required: Prepare a flexible budget performance report showing both the company's activity variances and revenue and spending variances for February. Select each variance as favorable (F), unfavorable (U) or "None". Hottle Jeep Tours Flexible Budget Performance Report Part 1 For the Month Ended February 28 Actual Results Revenue and Spending Variances Flexible Budget Guests Jeeps Expenses Total expenses Net operating income Hottle Jeep Tours Flexible Budget Performance Report Part 2 For the Month Ended February 28 Flexible Budget Activity Variances Planning Budget Guests Jeeps Expenses Total expenses