Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses.
|
|
Fixed Budget
|
Actual Results
|
Variances
|
|
Sales (in units)
|
8,000
|
6,900
|
|
|
Sales (in dollars)
|
$ 640,000
|
$ 614,100
|
$ 25,900
|
|
Total expenses
|
587,000
|
547,000
|
40,000
|
|
Income from operations
|
$ 53,000
|
$ 67,100
|
$ 14,100
|
Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.