Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 1,100 per unit $ 440 per unit $149,000 1,360 Actual $1,753,000 $ 694,000 $ 138,000 1,560 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Sales Variable expenses Contribution margin Fixed expenses Income from operations Fav./Unf. Favorable Unfavorable Favorable Favorable Favorable