Velazques 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 $ 3,500 $ 1,600 Variable element per guest $ 87 $ 0 $ 9 $ 1 Variable element per jeep $ 0 $105 $ 55 $ 0 In March, the company budgeted for 355 guests and 125 jeeps. The company's income statement showing the actual results for the month appears below: Velazques Jeep Tours Income Statement For the Month Ended March 31 Actual guests 350 Actual jeeps 127 Revenue $ 30,390 Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense 13,085 13,755 1,950 28.790 Net operating income $ 1,600 Required: Prepare a report showing the company's activity variances for March. Label each variance as favorable (F) or unfavorable (U). (Input all amounts as positive values. Leave no cells blank.be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Omit the "S" sign in your response.) Required: Prepare a report showing the company's activity variances for March. Label each variance as favorable (F) or unfavorable (U). (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Omit the "S" sign In your response.) Velazques Jeep Tours Activity Variances For the Month Ended March 31 $ (Click to select) Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses (Click to select) (Click to select) (Click to select) Total expense (Click to select) Net operating income (Click to select)