Bay City Companys fixed budget performance report for July follows. The $513,000 budgeted 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 513,000 474,000 39,000 F Income from operations $ 47,000 $ 45,200 $ 1,800 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.