Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Variances Fixed Budget 6,000 Actual Results 4,900 Sales (in units) Sales (in dollars) Total expenses $480,000 440,000 $441,000 401,000 $39,000 U 39,000 F Income from operations $ 40,000 $ 40,000 $ OU Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Sales Variable expenses Contribution margin Fixed expenses Income from operations