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 $ 650 per unit $ 260 per unit $135, 500 1,270 Actual $970,000 $396,000 $129,000 1, 470 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. Sales Variable expenses Contribution margin Fixed expenses Income from operations