TB Problem Qu. 10-295 Hottle Jeep Tours operates jeep tours in the... Hottle 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 Variable Variable element per element per element per month quest j eep $ 0 $ 153 S 0 S 0S 0S 173 S 4.300 S 6 S 75 S 1.400 S 2 S 0 In February, the company budgeted for 353 guests and 153 jeeps. The company's income statement showing the actual results for the month appears below: Hottle Jeep Tours Income Statement For the Month Ended February 28 Actual quests 386 Actual jeeps 158 Revenue S 58.228 Expenses Tour guide wages 27,321 Vehicle expenses 18,340 Administrative expenses 2.210 Total expense 47,871 Net operating income S 10.357 Required: Prepare a flexible budget performance report showing both the company's activity variances and revenue and spending variances for February. Select each variance as favorable (F). unfavorable (U) or "None" Hottle Jeep Tours Flexible Budget Performance Report Part 1 For the Month Ended February 28 Revenue and Actual Spending Results Flexible Budget Variances Guests Jeeps Expenses: Total expenses Net operating income Hottle Jeep Tours Flexible Budget Performance Report Part 2 For the Month Ended February 28 Flexible Budget Activity Variances Planning Budget Guests Jeeps Expenses Total expenses Net operating income