Step 1: Find all valence electrons available in Mn.
Manganese (Z = 25) has configuration $[Ar]\,3d^5\,4s^2$, giving 7 valence electrons. Under suitable conditions all 7 can be used in bonding, so Mn can reach an oxidation state of $+7$ (as in $KMnO_4$). No other first-series transition element routinely exceeds $+7$. The Assertion is true.
Step 2: Verify the Reason independently.
Transition metals exhibit variable oxidation states because both $(n-1)d$ and $ns$ electrons can participate in bonding. This general statement is correct, so the Reason is true.
Step 3: Check whether the Reason explains the Assertion.
The Assertion asks specifically why Mn reaches $+7$ as the highest value. The actual explanation is that Mn has $3d^5\,4s^2$ providing 7 valence electrons, all available for bonding. The Reason only states the general property of variable oxidation states; it does not explain why Mn specifically reaches $+7$. Therefore the Reason is true but is not the correct explanation of the Assertion.
\[ \boxed{\text{Option (B)}} \]