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 850 per unit $ 340 per unit $141,500 1,310 Actual $1,320,000 $ 524,000 $ 133,000 1,510 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 Fav/Unf. Contribution margin Fixed expenses Income from operations Sales Variable expenses 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 $ 850 per unit $ 340 per unit $141,500 1,319 Actual $1,320,000 $ 524,000 133,000 1,510 8.25 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) ok LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Fav/Unf. Favorable Unfavorable No variance