Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 variable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 7,000 $560,000 513,000 $ 47,000 Actual Results 5,900 $519,200 479,000 $ 40,200 $40,800 U 34,000 $ 6,800 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.) BAY CITY COMPANY Sales Variable expenses Contribution margin Fixed expenses Income from operations Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unt. $ 519,200 Favorable Unfavorable Favorable 163,000 153,000 10,000 Favorable $ 40,200 Favorable