Exercise 23-4 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 variable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in uni ts) Sales in dollars) Total expenses 7, 000 5, 900 $525, 100 481, 000 $34, 900 U $560, 000 513, 000 32, 000 F 47, 000 $ 44, 100 Income from operations 2, 900 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Fav./Unf. Flexible budget Actual results Variances Sales Variable expenses Contribution margin Fixed expenses Income from operations