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. (Indicate the effect of the varlance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,390 1,598 Actual Results $ 1,250 per unit $ 500 per unit $ 2,036,000 $ 153,500 $ 831,000 5 141,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1,590 units) (1,590 units) Sales Variable costs Contribution margin Fixed costs income Variances Favorable/Unfavorable