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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
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. Actual Fixed Budget Variances Results Sales (in units) 7,000 Sales (in dollars) $560,000 513,000 Total expenses Income from operations 5,900 $525, 100 473,000 $ 52,100 $34,900U 40,000 F $ 5,100U $ 47,000 Prepare a flexible budget performance report that shows any varlances between budgeted results and actual results. List fixed and variable expenses separately. (Indicate the effect of each varlance 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 Fav./Unf. Sales Variable expenses Contribution margin Fixed expenses Income from operations Flexible budget Actual results Variances $ 472,000 $ 525,100 $ 53,100 Favorable 295,000 Unfavorable 177,000 Favorable 163,000 153,000 10,000 Favorable $ 14,000 $ 52,100 Favorable
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