Nina Company prepared the following fixed budget for July using 7,820 units for budgeted sales. Actual sales were 7,520 units and actual costs are shown below. Fixed Budget Variable Amount per Fixed Budget (7,820 Actual Results (7,520 For Month Ended July 31 Sales Unit Total Fixed Cost units) units) $ 100 $ 782,000 $ 768,520 Variable costs Direct materials 35 273,700 278,320 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 15 117,300 114,400 4 31,280 29,480 11 86,020 81,760 65 $35 508,300 $ 273,700 503,960 $264,560 $ 71,240 71,240 71,240 42,260 42,260 43,520 10,480 10,480 10,480 7,720 7,720 7,720 33,900 33,900 31,080 $ 165,600 165,600 164,040 Income $108,100 $ 100,520 Prepare a flexible budget performance report for July at activity level of 7,520 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) NINA COMPANY For Month Ended July 31 Sales Variable costs Flexible Budget Performance Report Flexible Budget (7,520 units) Actual Results (7,520 units) Variances Favorable/Unfavorable 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