Bay City Companys fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 5,000 3,900 Sales (in dollars) $ 400,000 $ 343,200 $ 56,800 U Total expenses 367,000 327,000 40,000 F Income from operations $ 33,000 $ 16,200 $ 16,800 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.