Nina Company prepared the following fixed budget for July using 7720 units for budgeted sales. Actual sales were 7.420 units and actual costs are shown below. Fixed Budget Variable Amount Total Fixed per Unit Cost $ 100 Fixed Budget (7,720 units) $ 772,000 Actual Results (7,420 units) $ 758,670 35 15 4 11 65 $ 35 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 Income 270,200 115,800 30,880 84,920 501,800 $ 270,200 274,720 112,900 29,080 80,710 497,410 $ 261, 260 $ 70,290 41,710 10,330 7,620 33,900 $ 163,850 70,290 41,710 10,330 7,620 33,900 163,850 $ 106,350 70,290 42,920 10,330 7,620 30,680 161, 840 $ 99,420 Prepare a flexible budget performance report for July at activity level of 7,420 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 (7.420 units) (7.420 units) For Month Ended July 31 Variances Favorable/Unfavorable 0 0 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 0