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 1,360 Actual Results 1,560 $ 1,100 per unit $ 440 per unit $ 1,753,000 $ 694,000 $ 149,000 $ 138,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1,560 units) (1,560 units) Sales Variable costs Contribution margin Fixed costs Income Variances Favorable/Unfavorable