Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 wariable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses. Fixed Budget Variances Sales in units) Sales (in dollars) Total expenses Income from operations 7.000 $560,000 513,000 $ 47,000 Actual Results 5,900 $525,100 474,000 $ 51,100 534,900 U 39,000 $ 4,1000 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars.) Answer is not complete. BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible Actual round your intermediate calculations. Round your final answers to whole dollars.) % Answer is not complete. BAY CITY COMPANY Fav./Unf. Sales Variable expenses Contribution margin Fixed expenses Income from operations Flexible Budget Performance Report For Month Ended July 31 Flexible Actual Variances budget results 472.000 $ 525,100 53,100 295,000 350,000 55,000 % 177 000 175 100 1,900 % 163,000 153,000 10,000 14,000 51,000 37,000