3 Exercise 21-5 Preparing a flexible budget performance report LO P1 111 points Bay City Company's fixed budget performance report for July follows. The $594,000 budgeted total expenses include $450,000 variable expenses and $144,000 fixed expenses. Actual expenses include $134,000 fixed expenses. Variances eBook Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,100 $648,000 594, 000 $ 54,000 Actual Results 7,000 $630,000 560,000 $ 70,000 $18,000 34,000 F $ 16,000 Hint Print References Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Sales 560,000 $ 630,000 Favorable Variable expenses 388,889 Unfavorable Contribution margin Favorable Fixed expenses Favorable Income from operations Favorable $