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 tour quide. The company uses the following data in its budgeting Variable element per jeep Fixed element per month $ @ $ $6,000 $2,500 Variable element per guest $257 $ 0 $ 19 Revenue Tour guide wages Vehicle expenses Administrative expenses $ $ 157 74 $ 18 In May, the company budgeted for 517 guests and 222 jeeps. The company's income statement showing the actual results for the month appears below. Cryan Jeep Tours Income Statement For the Month Ended May 31 Actual guests Actual jeeps 217 In May, the company budgeted for 517 guests and 222 jeeps. The company's income statement showing the actual results for the month appears below. Cryan Jeep Tours Income Statement For the Month Ended May 31 Actual guests 532 Actual jeeps 217 Revenue $107,854 Expenses: Tour guide wages 36, 357 Vehicle expenses 22,640 Administrative expenses 9,888 Total expense 68,885 Net operating income $ 38,969 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.) 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 Actual Flexible Results Budget 532532 217 217 Revenue and Spending Variances Guests Jeeps Revenue Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income