Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. Answer is complete but not entirely correct. BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible Actual Variances budget results $ 552,000 $ 621,000 $ 69,000 345,000 376,000 31.000 3 207,000 245,000 38,000 187,000 177,000 1.000 3 $ 20,000 $ 68,000 is 48,000 > Sales Variable expenses Contribution margin Fixed expenses Income from operations Fav./Unt Favorable Unfavorable Favorable Favorable Favorable Solo IX