Nina Company prepared the following fixed budget for July using 7,520 units for budgeted sales. Actual sales were 7,220 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 costs Depreciation-Machinery Supervisor salary Insurance Depreciation-office equipment Administrative salaries Total fixed costs Fixed Budget Variable Amount per Total Fixed Unit $ 100 35 15 4 11 65 $ 35 Cost $ 68,390 Income Fixed Budget (7,520 units) Actual Results (7,220 units) $ 752,000 263,200 112,800 30,080 82,720 488,800 $ 738,970 267,520 109,900 28,280 78,610 484,310 $ 254,660 $ 263,200 68,390 68,390 40,610 40,610 41,720 10,030 10,030 10,030 7,420 7,428 7,420 33,900 33,900 29,880 $ 160,350 160,350 157,440 $ 102,850 $ 97,220 Prepare a flexible budget performance report for July at activity level of 7,220 units. Show variances between budgeted and actual amounts. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation-Machinery Supervisory salary Insurance Depreciation-Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,220 units) Actual Results (7,220 units) Variances Favorable/Unfavorable