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 $ 431,200 $ 48,800 U Total expenses 440,000 406,000 34,000 F Income from operations $ 40,000 $ 25,200 $ 14,800 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.