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: Revenue Tour guide wages Vehicle expenses Administrative expenses Variable Variable Fixed element element element per month per guest per jeep $ 0 $ 156 $ 0 $ 0 $ 0 $ 131 $ 4,550 $ 21 $ 74 $ 3,250 $ 14 $ 0 In October, the company budgeted for 338 guests and 104 jeeps. The actual activity for the month was 405 guests and 148 jeeps. Required: Prepare the company's flexible budget for the actual level of activity in October. 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 405 148