City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 able expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses Variances ales (in units) ales (in dollars) otal expenses ncome from operations Fixed Budget 6,000 $480,000 440,000 $ 40,000 Actual Results 4,900 5431,200 402,000 $ 29,200 $48,800 36.000 F $10,800U epare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and rable expenses separately. (Indicate the effect of each vorlonce by selecting for favorable, unfavorable, and no variance. Do not und 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./unt. 392 000 $ 431 2007 s 39 2001avorable 245.000 272.000 300,000 Unfavorable Favorable Sales Variable expenses Contribution margin > 40,00 38,000F baies can gollars) Total expenses Income from operations 400,000 440,000 $ 40,000 > 431,200 402,000 $ 29,200 510,800 repare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and ariable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfovorable, and no variance. Do not ound 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 Unt 392,000 $ 431,200 s 39,200 Favorable 245.000 272 000 300.000 Unfavorable Favorable 140 000 130.000 Favorable avorable Sales Variable expenses (Contribution margin Fixed expenses Income from operations