Bay City Company's fixed budget performance report for July follows. The $647,500 budgeted expenses include $487,500 variable expenses and $160,000 fixed expenses. Actual expenses include $ 158,000 fixed expenses. Prepare a flexible budget performance report showing any variances between budgeted and ac- tual results. List fixed and variable expenses separately. Fixed Budget Actual Results Variances Sales (in units) ........ 7,500 7,200 Sales (in dollars) ............. Total expenses Income from operations .... ..... ..... $750,000 647,500 $102,500 $737,000 641,000 $ 96,000 $13,000 U 6,500 F $ 6,500 U