TB Problem Qu. 9-422 Cryan Jeep Tours operates jeep tours... Cryan 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 to guide. The company uses the following data in its budgeting: Variable element per guest $ 177 Variable element per jeep Revenue Tour guide wages Vehicle expenses Administrative expenses Fixed element per month $ $ $ 5,200 $ 1,700 $ 165 $ 66 $ 11 $ 10 In May, the company budgeted for 477 guests and 182 jeeps. The company's income statement showing the actual results for the month appears below: 492 177 $71,854 Cryan Jeep Tours Income Statement For the Month Ended May 31 Actual guests Actual jeeps Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income 29,957 18,640 5,888 54,485 $17,369 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.) Revenue and Spending Variances Cryan Jeep Tours Revenue and Spending Variances For the Month Ended May 31 Actual Flexible Results Budget Guests 492 492 Jeeps 177 177 Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income