Mcinerney 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: Variable element per jeep Revenue Tour guide wages Vehicle expenses Administrative expenses Fixed element per month $ 0 $ 0 $ 4,450 $ 3,150 Variable element per guest $ 146 $ 0 $ 19 $ 12 $ 129 $ 72 $ 0 In October, the company budgeted for 336 guests and 102 jeeps. The actual activity for the month was 395 guests and 140 jeeps. Required: Prepare the company's flexible budget for the actual level of activity in October. 395 140 Mcinerney Jeep Tours Flexible Budget For the Month Ended October 31 Actual guests Actual jeeps Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income