Nina Company prepared the following fixed budget for July using 7,800 units for budgeted sales. Actual sales were 7,500 units and actual costs are shown below. Prepare a flexible budget performance report for July at activity level of 7,500 units. Show variances between budgeted and actual amounts. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ NINA COMPANY } \\ \hline \multicolumn{5}{|c|}{ Flexible Budget Performance Report } \\ \hline For Month Ended July 31 & \begin{tabular}{c} Flexible \\ Budget \\ (7,500 units ) \end{tabular} & \begin{tabular}{c} Actual \\ Results \\ (7,500 units ) \end{tabular} & Variances & Favorable or Unfavorable \\ \hline \multicolumn{5}{|l|}{ Sales } \\ \hline \multicolumn{5}{|l|}{ Variable costs } \\ \hline \multicolumn{5}{|l|}{ Direct materials } \\ \hline \multicolumn{5}{|l|}{ Direct labor } \\ \hline \multicolumn{5}{|l|}{ Indirect materials } \\ \hline \multicolumn{5}{|l|}{ Sales commissions } \\ \hline \multicolumn{5}{|l|}{ Total Variable Costs } \\ \hline \multicolumn{5}{|l|}{ Contribution margin } \\ \hline \multicolumn{5}{|l|}{ Fixed costs } \\ \hline \multicolumn{5}{|l|}{ Depreciation-Machinery } \\ \hline \multicolumn{5}{|l|}{ Supervisory salary } \\ \hline \multicolumn{5}{|l|}{ Insurance } \\ \hline \multicolumn{5}{|l|}{ DepreciationOffice equipment } \\ \hline \multicolumn{5}{|l|}{ Administrative salaries } \\ \hline \multicolumn{5}{|l|}{ Total Fixed Costs } \\ \hline Income & & & & \\ \hline \end{tabular}