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: Variable element per guest $92 Variable element per jeep $0 Fixed clement per month $0 $0 $4,000 $1,000 Revenue... Tour guide wages.......... Vehicle expenses............... Administrative expenses....... $o $9 $101 $53 $0 $1 In March, the company budgeted for 356 guests and 129 jeeps. The company's income statement showing the actual results for the month appears below: Velazqucs Jeep Tours Income Statement For the Month Ended March 31 Actual guests..... . . Actual jeeps..... . ...... 346 131 $31,772 Revenue.. Expenses: Tour guide wages.......... Vehicle expenses............. Administrative expenses..... Total expense Net operating income........ 12,981 14,177 1.346 28.504 $ 3.268 Prepare a report showing the company's activity variances for March. Label each variance as favorable (F) or unfavorable (U)