971 Chapter 21 Flexible Budgets and Standard Costs Bay City Company's fixed buciget performance report for July follows. The $647.500 budgeted total ex- Exercise 21-4 penses include $487,500 variable expenses and S160,000 fixed expenses. Actual expenses include Preparing a flexible budget $158,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between performance report budgeted results and actual results. List fixed and variable expenses separately. P1 Fixed Budget Actual Results Variances Sales (in units) 7.500 7200 Sales in dollars Total expenses Income from operations 5750,000 647,500 $102,500 $737000 641.000 $ 96,000 $13,000 6,500F $6,500 U Check Income variance $4.000 F