Beech Company produced and sold 108,000 units of its product in May. For the level of production achieved in May, the budgeted amounts were: sales, $1,340,000; variable costs, $848,000, and fixed costs, $220,000. The following actual financial results are available for May Sales (108,000 units) Variable costs Fixed costs Actual $1,319,000 815,500 220,000 Prepare a flexible budget performance report for May. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) BEECH COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Favorable! Unfavorable Contribution margin