Bay City Company's 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 variances Results Sales (in units) Sales (in dollars) Total expenses Income from operations 6,000 $480,000 440,000 $ 40,000 4,900 $436,100 401,000 $ 35, 100 $43,900U 39,000F $ 4,900U 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. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Sales Variable expenses Contribution margin Fixed expenses Income from operations Favorable Unfavorable Favorable Favorable Favorable