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 Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 6,000 $400,000 440,000 5.40.000 Actual Results 4,900 $441,000 400.000 $ 33,000 $39,0000 32.000 $7,000 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 complete but not entirely correct. BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible Actual budget Variances Favunt. results S 392,000 $441,000 $ 39,200 Favorable 245.000 401.000 30.000 Unfavorable 147,000 150.200 9.200 Favorable 140,000 130,000 10,000 Favorable 7.000 20.2003 19.200 Favorable Sales Variable expenses Contribution margin Fixed expenses Income from operations ololololo