3. Hottle Jeep Tours operates jeep heart of the Colorado Rockies. The company based 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 as one tour guide. The company uses the following data in its budget. Revenue Tour Guide Expenses Vehicle Expenses Administrative Expenses Fixed Element per Month $0 $0 $4,400 $1,600 In February, the company budgeted for 343 guests and 146 jeeps. The company's income statement showing the actual results from the month appears below: Actual Guests Actual Jeeps Revenue Expenses Variable Element per Guest $144 $0 $5 $2 Hottle Jeep Tours Income Statement For the Month Ended February 28 Tour Guide Expenses Vehicle Expenses Administrative Expenses Total Expenses Net Operating Income Variable Element per Jeep $0 $163 $70 $0 367 149 $52,058 24,277 16,555 2,374 43,206 $8,852 Prepare a flexible budget performance report showing both the company's activity variances and revenue and spending variances for February. Label each variance as favorable (F) or unfavorable (U).