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 900 per unit $ 360 per unit $143,000 1,320 Actual $1,395,000 $ 556,000 $ 134,000 1,520 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./Unt. Contribution margin Fixed expenses Income from operations Sales Variable expenses Check my work 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 $ 900 per unit 360 per unit $143,000 1,320 Actual $1,395,000 $ 556,000 $ 134,000 1,520 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. Favorable Unfavorable No variance