Bay City Company's 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. Actual Results 5,900 Fixed Budget 7,000 Variances Sales (in units) Sales (in dollars) Total expenses $560,000 513,000 $519,200 477,000 $40,800 U 36,000 F Income from operations $ 47,000 $ 42,200 $ 4,800 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Contribution margin