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 no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income Fixed Budget 1,310 Actual Results 1,510 $ 850 per unit $ 340 per unit $ 1,320,000 $ 524,000 $ 141,500 $ 133,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,510 units) (1,510 units) Variances Favorable/Unfavorable