Exercise 8-3 Preparation of a flexible budget performance report LO P1 Solitaire company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $277,200 variable expenses and $37,800 fixed expenses. Actual expenses include $45,800 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 10,800 8,400 Sales (in dollars) $420.000 540,000 $120,000 F Total expenses 315,000 378,000 100,800 U ncome from operations $142,800 s 162,000 s 19,200 F Prepare a flexible budget performance report showing any variances between budgeted and actual results, List fixed and variable expenses separately. SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Favorable/ Flexible Budget Actual Results Variances Unfavorable Sales 540,000 540,000 No variance Variable expenses Favorable Contribution margin Fixed expenses Income from operations