Exercise 21-5 Preparing a flexible budget performance report LO P1 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 Sales (in units) Sales (in dollars) Total expenses Income from operatione Tixed Budget 7,000 $560,000 513,000 $ 47,000 Actual Results 5,900 $525,100 478,000 $ 47,100 $34.900 U 35.000 5 100U Prepare a flexible budget performance report that shows any variances between budgeted results and actualyesults. 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.) 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.) Fav/Unt. Sales Variable expenses Contribution margin Fixed expenses Income from operations BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances $ 472,000 $ 525.100 295,000 325.000 177,000 163,000 $ 14,000