Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 33 Fixed Budget 5,000 $ 400,000 367,000 $ 33,000 33 Actual Results 3,900 $347,100 330,000 $ 17,100 $52,900 U 37,000F $15,900 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. Answer is complete but not entirely correct. BAY CITY COMPANY Sales Variable expenses Contribution margin Fixed expenses Income from operations Flexible Budget Performance Report For Month Ended July 31 Flexible Actual Variances budget results 400,000 $ 347,100 $ 52,900 280,000 253,000 27,000 120,000 94,100 25,900 87,000 77,000 10,000 $ 33,000 $ 17,100 $ 15,900 % Fav./Unf. Unfavorable Favorable Favorable Favorable Unfavorable