Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses. Actual rixed Budget Variancea Results Sales (in units) 8,000 6,900 Sales (in dollars) Total expenses $640,000 587,000 $607,200 $32,800 U 34,000F 553,000 Income from operations $ 53,000 $ 54,200 1,200 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 varlance. Do not round your intermediate calculations. Round your final answers to whole dollars.) Answer is not complete. BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget 552.000 Actual Fav/Unf. Variances results $ 55,200 Favorable 607,200 Sales Unfavorable (345,000) Variable expenses Favorable 207,000 Contribution margin 10,000 Favorable 177,000 (187,000) Fixed expenses Favorable 20,000 S Income from operations 3 of 7 Next >