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. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no varlance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,390 $ 1,250 per unit $ 500 per unit $ 153,500 Actual Results 1,590 $ 2,036,000 $ 831,000 $ 141,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1,590 units) (1,590 units) Sales $ 1,987,500 Variable costs Contribution margin Fixed costs Income Variances Favorable or Unfavorable Favorable Unfavorable Favorable 153,500 141,000 Favorable Favorable