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 Fixed element per month $ 0 $ 0 $ 4,650 $ 3,350 Variable element per guest $ 166 $ 0 $ 23 $ 16 Variable element per jeep $ 0 $ 133 $ 76 $ 0 In October, the company budgeted for 340 guests and 106 jeeps. The actual activity for the month was 415 guests and 156 jeeps. Required: Prepare the company's flexible budget for October. 415 156 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