Hottle 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: 
In February, the company budgeted for 342 guests and 146 jeeps.The company's income statement showing the actual results for the month appears below: 
Required:
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).
Correct Answer:
Verified
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