Exercise 21-4 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187000 fixed expenses. Actual expenses include $177,000 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,000 $640,000 587,000 $ 53,000 Actual Results 6.900 $607,200 556,000 $ 51,200 $32,800U 31.000 $ 1,8000 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 budget Actual results Variances Fav./Unt. Sales Variable expenses Contribution margin Fixed expenses Income from operations