Bay City Company's fixed budget performance report for July follows. The $440.000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Variances points sales in units) Sales (in dollars) Total expenses Income from operations Fixed Budget dodget 6.000 $480.000 440,000 S40.000 Actual Results 4,900 $436,100 402,000 S29,100 $43,900 U 33.000 F $10,900 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 Flexible Budget Performance Report For Month Ended July 31 Flexible Variances Fav./Unt. $ 392,000 $ 436,100 S 441,000 3 Favorable 245.000 279,000 34.000 Unfavorable 147.000 157,100 10,100 Favorable 140.000 130,000 10,000 Favorable $ 7.000 $ 29,100 ls 20.100 Favorable Variable expenses Contribution margin Fured expenses Income from operations D. 5 Next >