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 $ 300 per unit $ 120 per unit $125,000 1,200 Actual $435,000 $172,000 $122,000 1,400 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 $ 435,000 172,000 Sales Variable expenses Contribution margin Fixed expenses I Income from operations Fav./Unf. Favorable Unfavorable Favorable Favorable Favorable 122,000