Quail Company reports the following selected financial results for May. Sales ( 100,000 units) . . . . . . . $ 637,500 Variable costs . . . . . . . . . . . . 356,250 Fixed costs . . . . . . . . . . . . . . 150,000 For the level of production achieved in May, the budgeted amounts would be sales, $ 650,000; variable costs, $ 375,000; and fixed costs, $ 150,000. Prepare a flexible budget performance report for May. Use the template below. Make sure you indicate whether variances are favorable (F) or unfavorable (U). (5 points). QUAIL COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Actual Budget Results Variances Sales Variable costs Contribution margin Fixed costs Income from operations