es Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,340 Actual Results 1,540 $ 1,000 per unit $ 400 per unit $ 1,603,000 $ 146,000 $ 620,000 $ 136,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1,540 units) (1,540 units) Variances Favorable/Unfavorable