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 Budgeted 1,200 $ 300 per unit $ 120 per unit $ 125,000 Actual Results 1,400 $ 435,000 $ 172,000 $ 122,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1.400 units) 11.400 units) Variances Favorable/Unfavorable Sales Variable costs Contribution margin Fixed costs Income Favorable Unfavorable Favorable Favorable Favorable