Exercise 8-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $90 per unit and variable costs of $33 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Flexible Budget Performance Report For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget (12,700 units) Actual Results Variances Favorable/Unfavorable: (12,700 units) $ 37,000 Favorable 370,000 723,900 289,000 304,000