please help me understand this practice material by help answering the below parts to the review.

Part 1

Part 2

Exerclse 8.6 (Algo) Preparing flexible budget performance report LO P1 Lews Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report shown variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no vantance. Required informbtien Use the following information for the Problems below. (Algo) unith. Problem 8-2A (Algo) Preparing a flexible budpet performance report LO P1 Required: verience