Bay City Company's fixed budget performance report for July follows. The $594,000 budgeted total expenses include $450,000 variable expenses and $144,000 fixed expenses. Actual expenses include $134,000 fixed expenses. Variances Sales (in units) Soles (in dollars) Total expenses Income from operations Fixed Budget 8,100 $648,000 594,000 $ 54,000 Actual Results 7,000 $ 623,000 562,800 $ 61,000 $ 25,000 32,000 F $ 7,080 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Rou your final answers to whole dollars.) BAY CITY COMPANY Sales Variable expenses Contribution margin Fixed expenses Income from operations Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav Unf. $ 560,000 $ 623,000 $ 63,000 Favorable 388,889 Unfavorable 171,111 Favorable 144,000 134,000 10,000 Favorable $ 27.111 Favorable Required information The following information applies to the questions displayed below) Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units $3,150,000 $915,000 210,000 45,000 330,000 195,000 190,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation Plant equipment (straight-line) utilities (545,800 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations 1.885.000 1,265,000 75,000 90,000 235,000 400,000 100,000 230,000 80,000 410.000 $ 455,000 Required: 182. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed. PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Variable Amount Total Fixed per Unit Cost 210.00 Flexible Budget for Units Sales Unit Sales of of 14,000 16,000 $ 2,940,000 $ 3,360,000 Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping 61.00 14.00 3.00 3.00 5.00 6.00 854 000 196,000 42,000 42,000 70,000 84.000 976,000 224,000 48,000 48,000 80,000 96.000 92.00 110.13 1.288,000 1541,820 1.472.000 1.762.080 $ Total variable costs Contribution margin Fixed costs Depreciation Plant equipment (straight-line) Utilities Plant management salaries Sales salary Advertising expense Salaries Entertainment expense 330,000 150.000 190,000 235,000 100,000 230,000 80,000 330,000 150,000 190,000 235,000 100,000 230,000 80,000 330,000 150 000 190,000 235,000 100.000 230,000 80,000 Total fixed costs Income from operations $ 1,315,000 S: 1,315,000 $ 1,315,000 5226,820 S 447 080