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. Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget Actual Results Variances 6,000 4,900 $480,000 $ 431,200 $ 48,800 U 440,000 410,000 30,000 F $ 40,000 $ 21,200 $ 18, 800 u 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.) Fav./Unf. Sales BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances $ 392,000 245,000 147,000 140,000 $ 7,000 Variable expenses Contribution margin Fixed expenses Income from operations