2 Exercise 21-5 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $518,000 budgeted total expenses include $350,000 variable expenses and $163.000 foed expenses. Actual expenses include 5153.000 fed expenses 5.25 Dom Actual Sales in unit) Sales in dollars) Total expenses Incontrations 7,0 3561,000 533.000 000 $ 55,00 499,00 $34.900 30.000 500 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results List fixed and variable expenses separately indicate the effect of och variance by selecting for favorable, unfavorable, and no variance. Do nor round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible del Purformance Report For Month Ended July 31 Flexible budget Actual resulta Variances Frent 2 Exercise 21-5 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 variable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses 5.25 DO Fixed Budget Variances Sales (in unit) Sales in dollars) Total expenses Income from operations OOR Actual Results 5,00 1525,100 479.000 $_46.100 7,000 $500,000 313.000 $ 47,000 $4,0000 14,000 900 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fived and variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav. Iunt