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: Fixed element per month: $0 Variable element per guest: $146 Variable element per jeep: $0,

Tour guide wages: Fixed element per month: $0 Variable element per guest: $0 Variable element per jeep: $166,

Vehicle expenses: Fixed element per month:$5,100 Variable element per guest: $5 Variable element per jeep: $65,

Administrative expenses: Fixed element per month: $1,800 Variable element per guest: $3 Variable element per jeep: $0

In February, the company budgeted for 346 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 372

Actual jeeps 151

Revenue $53,552

Expenses:

Tour guide wages 25,049

Vehicle expenses 16,663

Administrative expenses 2,963

Total expense 44,675

Net operating income $8,877

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"