Exercise 23-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $318,750 budgeted expenses include $272,000 variable expenses and $46,750 fixed expenses. Actual expenses include $55,450 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,500 $425,000 318,750 $ 106,250 Actual Results 10,900 $545,000 381,500 $ 163,500 $120,000 F 62,750 U $ 57,250 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results Variances $ Sales Variable expenses Contribution margin Fixed expenses Income from operations Fav./Unf. No variance Favorable Favorable Unfavorable Favorable 55,450