Bay City Companys 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.

	Fixed Budget			Actual Results			Variances
Sales (in units)		6,000			4,900
Sales (in dollars)	$	480,000		$	436,100		$	43,900	U
Total expenses		440,000			408,000			32,000	F
Income from operations	$	40,000		$	28,100		$	11,900	U

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