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 variance by selecting favorable, unfavorable, or ne variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Fixed Budget 1,290 $750 per unit $ 300 per unit $ 138,500 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1.490 units) (1,490 units) Actual Results 1,490 $ 1,170,000 $460,000 $131,000 Variances Favorabianfavorable Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $81 per unit and variable costs of $36 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Answer is not complete. Flexible Budget Performance Report Actual For Month Ended June 30 Flexible Budget (11,000 units) Results Variances Favorable/Unfavorable (11,000 units) Sales 891,000 $ 905,000 15 14,000 Favorable Variable costs 396,000 O 353,000 Contribution margin 495,000 Fixed costs Income 272,000 287,000 S 223,000