Nina Company prepared the following fixed budget for July using 7,540 units for budgeted sales. Actual sales were 7,240 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Fixed Budget Variable Amount per Unit $ 100 35 Total Fixed Cost Fixed Budget (7,540 units) $ 754,000 263,900 113,100 Actual Results (7,240 units) $740,940 268,240 Fixed costs Depreciation-Machinery 15 110,200 4 30,160 28,360 Sales commissions 11 Total variable costs 65 82,940 490,100 78,820 485,620 Contribution margin $ 35 $ 263,900 $ 255,320 $ 68,580 68,580 68,580 40,720 40,720 41,840 10,060 10,060 10,060 7,440 7,440 7,440 33,900 33,900 29,960 $ 160,700 Income 160,700 $103,200 157,880 $ 97,440 Supervisor salary Insurance Depreciation-office equipment Administrative salaries Total fixed costs Prepare a flexible budget performance report for July at activity level of 7,240 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 Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation-Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible. Actual Budget Results Variances Favorable/Unfavorable (7,240 units) (7,240 units) 0 0 0 0