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. Fixed Budget Actual Results Varian Sales (in units) 8,000 6,900 Sales (in dollars) Total expenses $640,000 614,100 25,900 U 587,000 555,000 32,000 F Income from operations $ 53,000 59,100 6,100 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./Untf. Contribution margin