Bay City Companys fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses

Fixed Budget Actual Results Variances 8,000 Sales (in units) 6,900 Sales (in dollars) $640,000 614,100 25,900 U 587,000 Total expenses 551,000 36.000 F 53,000 63, 100 10, 100 U Income from operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav /Unf Contribution margin