Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses Actual Fixed Budget Variances Results Sales (in units) Sales (in dollars) Total expenses 8,000 6,900 $640,000 587,000 614,100 549,000 $ 65,100 $25,900 U 38,000 F Income from $12,100 U 53,000 operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Indlcate the effect of each variance by selectling for favorable, unfavorable, and no varlance. Do not round your Intermedlate 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 Fav./Unf. Sales 614,100 62,100 Favorable 552,000 $ Variable expenses 27,000 Unfavorable 345,000 372,000 207,000 Contribution margin Favorable 10,000 Favorable 187,000 177,000 Fixed expenses Income from operations 20,000 Favorable