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Cimarron Company's fixed budget performance report for July follows. The $630,000 budgeted expenses include $588,000 variable expenses and $42,000 fixed expenses. Actual expenses include $54,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.
Fixed Budget
Actual Results
Variances
Sales (in units)
8,400
10,800
Sales (in dollars)
$840,000
$1,080,000
$240,000 F
Total expenses
630,000
756,000
126,000 U
Income from operations
$210,000
$ 324,000
$114,000 F
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