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 Budgeted Actual Results Sales (units produced and sold) 1,200 1,400 Sales (in dollars) $ 300 per unit $ 435,000 Variable costs $ 120 per unit $ 172,000 Fixed costs $ 125,000 $ 122,000 For Month Ended May 31 Answer is complete but not entirely correct. LEWIS COMPANY Flexible Budget Performance Report Flexible Actual Budget Results Variances Favorablo/Unfavorable (1.400 units) (1.400 units) $ 568,000 585,000 17.000 Favorable 227.2003 230,000 8,800 Unfavorable 340,000 3 349,000 8,200 Favorable 128.000 124,000 4,000 Favorable 212,800 225,000 $ 12,200 3 Favorable Sales Variable costs Contribution margin Fixed costs OOO Income >