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, with one tour guide, on one day, counts as a jeep. The company uses the following data in its budgeting: Revenue Tour guide wages Vehicle expenses Administrative expenses Fixed element per month $ 0 $ 0 $ 4,800 $ 3,500 Variable element per guest $ 181 $ 0 $ 26 $ 19 Variable element per jeep $ 0 $ 136 $ 79 $ 0 In October, the company budgeted for 343 guests and 109 jeeps. The actual activity for the month was 430 guests and 168 jeeps. Required: Prepare the company's flexible budget for the actual level of activity in October. 430 168 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