Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Tixed expenses (total) Units produced and told 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) Answer is not complete. LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Actual Variances Budget Results $ 360,000 $435,000 75,000 144,000 172,000 28,000 125,000 122,000 3,000 Fav./Unf. Sales Variable expenses Fixed expenses Contribution margin Income from operations Favorable Unfavorable Favorable 91,000 141,000 50,000 Favorable