SP 21 Serial Problem Business Solutions (Algo) LO P1 Business Solutions's second quarter 2022 fixed budget performance report for its computer furniture operations follows. The $156,900 budgeted expenses include $109,600 in variable expenses for desks and $14,300 in variable expenses for chairs, as well as $33,000 of fixed expenses. Actual fixed expenses total $34,400. Fixed Actual Budget Results Variances Desk salos (in units) 137 143 Chair sales (in units) 55 Denk salen $184,950 $ 191,620 $ 6,670 Chair sales 29,700 34,965 5,265 T Total expenses 156, 900 165,590 8,6900 Income $ 57,750 $ 60,995 $ 3,245 Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance $ 193,050 $ 191,620 $ (1.430) 34,020 34,965 945 114.400 16,380 98,020 For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income Favorable/Unfavorable Unfavorable Favorable