Hottle 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 Fred element Variable Variable element per element per per month Quest e Fevenue Tour qulde wages Vehicle expenses Administrative expenses 50 5 1495 0 $ 0 $ 0 $ 169 5 5.400 S 5 S 80 $ 2.100 5 2 5 0 In February, the company budgeted for 349 guests and 149 Jeeps. The company's Income statement showing the actual results for the month appears below: Home Jeep Tours Income Statement For the Month Ended February 28 Actual guests Actual Jeeps 154 Fevenue 5 55 532 Expenses Tour guide wages 26.017 Vehicle expenses Administrative expenses 2906 Total expense 48.415 S 7.117 Net operating income 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" Hottie Jeep Tours Flexible Budget Performance Report Part 1 For the Month Ended February 28 Actual Revenue and Spending Variances Results Flexible Budget Guests Revenue Expenses Administrative expenses ol ol Total expenses Net operating Income Hottie Jeep Tours Flexible Budget Performance Report Part 2 For the Month Ended February 28 Flexible Budget Activity variances Planning Budget Guests Expenses Total expense Net operating Income