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Exercise 21-4 Preparing a flexible budget performance report P1 Page 971 Bay City Company's fixed budget performance report for July follows. The $647,500 budgeted total expenses include $487,500 variable expenses and $160,000 fixed expenses. Actual expenses include $158,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. Variances Sales (in units) Sales (in dollars) Total expenses. Income from operations Fixed Budget 7,500 $750,000 647,500 $102,500 Actual Results 7,200 $737,000 641,000 $ 96,000 $13,000 U 6,500 F $ 6,500U Variances Exercise 21-4 BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible Actual Budget Results Sales Variable expenses Contribution margin.......... Fixed expenses... Income from operations ... ......... Supporting computations Total faced budget sales. Total units budgeted Budgeted selling price Flexible budget units Flexible budget sales Total flowed budget variable expenses... Total units budgeted Budgeted variable expenses Flexible budget units Flexible budget variable expenses Total actual expenses Less actual fixed expenses Total actual variable expenses