Bay City Company's fixed budget performance report for July follows. The $587.000 budgeted total expenses include $400,000 varlable expenses and $187.000 fixed expenses. Actual expenses Include $177,000 fixed expenses. Fixed Budget Variances Actual Results 8.988 8,888 Sales (in units) Sales (in dollars) Total expenses Income from operations $648 388 587, 680 $ 53,883 $ 687, 288 558,000 $ 57, 288 $ 32,808 U 37.000 $ 4.2000 Prepare a flexible budget performance report that shows any varlances between budgeted results and actual results. List fixed and varlable expenses separately. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance. Do not round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fay/Onf