Exercise 23-4 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Actual Fixed Budget Variances Results Sales (in units) Sales (in dollars) Total expenses 5,000 3,900 $400,000 347,100 $52,900 U 36,000 F 367,000 331,000 33,000 $16,100 $16,900 U Income from operations 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 Variances Flexible budget Actual results Fav./Unf. Sales Variable expenses Contribution margin Fixed expenses Income from operations