Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,380 $ 1,200 per unit $ 480 per unit $ 152,000 Actual Results 1,580 $ 1,961,000 $ 799,000 $ 140,000

Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance