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 1,280 $ 700 per unit $ 280 per unit $ 137,000 Actual Results 1,480 $ 1,095,000 $ 428,000 $ 130,000 LEWIS COMPANY For Month Ended May 31 Flexible Budget Performance Report Flexible Budget Actual Results Variances (1,480 units) (1,480 units) Favorable/Unfavorable