Nina Company prepared the following fixed budget for July using 7,620 units for budgeted sales. Actual sales were 7,320 units and actual costs are shown below. $ 69,340 Fixed Budget (7,620 units) $ 762,000 266,700 114,300 30,480 83,820 495,300 $ 266,700 Actual Results (7,320 units) $ 748,820 271,120 111,400 28,680 79,660 490,860 $ 257,960 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 Income 69,340 69,340 41,160 41,160 42,320 10,180 10,180 10,180 7,520 7,520 7,520 33,900 33,900 30,280 $ 162,100 162,100 159,640 $ 104,600 $ 98,320 Prepare a flexible budget performance report for July at activity level of 7,320 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 (7,320 units) Actual Results (7,320 units) Variances Favorable/Unfavorable $ 748,820 Favorable Unfavorable 1,600 Unfavorable 600 Favorable 0 0 33,900 33,900 0 Favorable Unfavorable Favorable 0 No variance Unfavorable 0 No variance 0 No variance Favorable Favorable Favorable