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. Fixed Budget Variable Amount Total Fixed Cost $ 100 per Unit Fixed Budget (7,540 units) $ 754,000 Actual Results (7,240 units) $ 740,940 35 15 4 11 65 For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs DepreciationMachinery Supervisor salary Insurance Depreciation-office equipment Administrative salaries Total fixed costs 263,900 113,100 30,160 82,940 490,100 $ 263,900 268, 240 110,200 28,360 78,820 485,620 $ 255,320 $ 35 $ 68,580 40,720 10,060 7,440 33,900 $ 160,700 68,580 40,720 10,060 7,440 33,900 160,700 $ 103,200 68,580 41,840 10,060 7,440 29,960 157,880 $ 97,440 Income 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.) NINA COMPANY Flexible Budget Performance Report Flexible Actual Budget Results (7,240 units) (7,240 units) For Month Ended July 31 Variances Favorable/Unfavorable Sales Variable costs Direct materials Direct labor 0 0 Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs DepreciationMachinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 0 0 Income