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 Fixed Budget 1,270 $ 650 per unit $ 260 per unit $ 135,500 Actual Results 1,470 $970,000 $ 396,000 $ 129,000 For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,470 units) (1,470 units) Variances Favorable/Unfavorable