Bay City Company€™s fixed budget performance report for July follows. The $647,500 budgeted expenses include $487,500 variable expenses and $160,000 fixed expenses. Actual expenses include $158,000 fixed expenses. Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). omit the "$" sign in yourresponse.)

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Fixed Budget Actual Results Variances 7,200 S 750,000 S 737,000 S 13,000 U 641,000 S 102,500 S 96,000 S 6,500 U 7,500 Sales (in units) Sales in dollars) Total expenses 647,500 6,500 F h n a1059 5 55 Income from operationS