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.

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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 Budget 1,240 $ 500 per unit $ 200 per unit $ 131,000 Actual Resulta 1,440 $ 735,000 $ 300,000 $ 126,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results Variances (1.440 units) (1.440 units) For Month Ended May 31 Favorable/Unfavorable