Exercise 23-5 (Static) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,500 units for budgeted sales. Actual sales were 7,200 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed Budget Variable Amount per Total Fixed Unit $ 180 35 15 4 11 H Cost 65 $ 35 $ 68,288 Fixed Budget (7,588 units) $ 758,888 Actual Results (7,288 units) 262,588 112,588 38,888 82,500 487,500 $ 262,588 $ 737,888 266,800 109,688 28,280 78,488 483,000 $ 254,000 Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation Office equipment Administrative salaries Total fixed costs Income 48,500 68,288 68,280 48,580 41,600 10,000 18,000 18,000 7,400 7,488 7,488 33,000 33,988 29,888 $ 160,000 160,000 157,000 $ 182,588 $ 97,000 Prepare a flexible budget performance report for July at activity level of 7,200 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Flead costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,200 units) Actual Results (7,200 units) Variances Fav Unf.