lewis company reports the following fixed budget and actual results for May. Prepare a flexinle budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no varian Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income Fixed Budget 1,350 $1,050 per unit $420 per unit $ 147,500 LEWIS COMPANY Flexible Budget Performance Report 147,500 Flexible Budget Actual Results (1,550 units) (1,550 units) $ 1,350 $ 420 652,000 + 1,550 $ 137,000 Actual Results 1,550 Variances $1,678,000 $ 652,000 $ 137,000 Favorable or Unfavorable 200 Favorable Unfavorable Favorable 10,500 Favorable

variances between following fixed budget and actual results for May. Prepare a flex Note: Indicote the budgeted and actual results. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs ecting favorable, unfavorable, or no voriar LEWIS COMPANY