Bay City Companys 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.

Fixed BudgetActual ResultsVariancesSales (in units)6,0004,900Sales (in dollars)$480,000$431,200$48,800UTotal expenses440,000407,00033,000FIncome from operations$40,000$24,200$15,800U

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.)