Required: Prepare a report showing the company's revenue and spending variances for May. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Cryan Jeep Tours Revenue and Spending Variances For the Month Ended May 31 Guests Jeeps Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income Actual Results Flexible Budget Revenue and Spending Variances 497 497 182 182 Cryan Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets activity (ie., cost drivers), namely guests and jeeps. One vehicle used in one tour on one day counts as a jee guide. The company uses the following data in its budgeting: Variable Revenue Tour guide wages Vehicle expenses Administrative expenses Fixed element Variable element element per month per guest per jeep $ 0 $ 187 $ 0 $ 0 $ 0 $164 $ 5,300 $ 12 $ 67 $ 1,800 $ 11 $ 0 In May, the company budgeted for 482 guests and 187 jeeps. The company's income statement showing the month appears below: Cryan Jeep Tours Income Statement For the Month Ended May 31 Actual guests 497 Actual jeeps 182 Revenue $74,854 Expenses: Tour guide wages 30,757 Vehicle expenses 19,140 Administrative expenses 6,388 Total expense 56,285 Net operating income $18,569