Check 3 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. Skipped Fixed Budget Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 6,000 $ 480,000 440,000 $ 40,000 Actual Results 4,900 $441,000 401,000 $ 40,000 $39,000U 39,000F eBook $ OU Hint Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible Actual Variances budget results Fav./Unf. Contribution margin