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 conta Tixed costs Fixed Budget 1,290 $ 750 per unit $ 300 per unit $ 138,500 Actual Results 1,490 $ 1,170,000 $ 460,000 $ 131,000 For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income LEWIS COMPANY Flexible Budget Porformance Report Flexible Budget Actual Results Variances (1.400 units) (1.400 units) $ 1.170,000 460,000 Favorable/Unfavorable Favorable Unfavorable Favorable Favorable Favorable 131,000