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.) Fixed Budget Actual Results Sales (units produced and sold) 1,220 1,420 Sales (in dollars) $ 400 per unit $ 585,000 Variable costs $ 160 per unit $ 236,000 Fixed costs $ 128,000 $ 124,000 w LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,420 units) (1.420 units) Variances For Month Ended May 31 Fav./Unf. Sales Variable costs Contribution margin Fixed costs Favorable Unfavorable Favorable Favorable Income Favorable