Exercise 21-5 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. points Fixed Budget Variances 6. eae eBook Sales (in units) Sales (in dollars) Total expenses Income from operations Actual Results 4,99 $ 436,100 408, ese $ 28, 199 $480, eee 440.000 $ 40,000 $43,900 32. eae F $11,900 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 varlance by selecting for favorable, unfavorable, and no varlance. Do not round your Intermediate calculations. Round your final answers to whole dollars.) References BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf