Bay City Companys 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.

	Fixed Budget			Actual Results			Variances
Sales (in units)		7,000			5,900
Sales (in dollars)	$	560,000		$	519,200		$	40,800	U
Total expenses		513,000			477,000			36,000	F
Income from operations	$	47,000		$	42,200		$	4,800	U

Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.

BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf Sales Variable expenses Contribution margin Fixed expenses Income from operations