Bay City Company’s fixed budget performance report for July follows. The $647,500 budgeted expenses include $487,500 variable expenses and $160,000 fixed expen.ses. Actual expenses include $158,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.

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Fixed Budget Actual Results Variances Sales (in units) 7,500 7,200 Sales (in dollars) $750,000 $737,000 $13,000 U Total expenses 647,500 641,000 6,500 F Income from operations.. $102,500 $ 96,000 $ 6,500 U