Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 variable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses. Variances Actual Results 5,900 Fixed Budget Sales (in units) 7,000 Sales (in dollars) $560,000 Total expenses 513,000 Income from $ 47,000 operations $531,000 $29,000U 478,000 35,000 F $ 53,000 $ 6,800U 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.) Answer is complete but not entirely correct. BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible Actual Variances Fav/Unf. budget results Sales $ 472,000 519.2004 $ 47,200X Favorable Variable expenses 295,000 326,000 X 29,000 X Unfavorable Contribution margin 177,000 198,200% 18,200X Favorable Fixed expenses 163,000153,000 10,000 Favorable Income from $ 14,000 S 49,100XS 31,200X Favorable operations >