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 $174,100 budgeted expenses include $115,500 in variable expenses for desks and $19,600 in variable expenses for chairs, as well as $39,000 of fixed expenses. Actual fixed expenses total $40,200. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget Actual Results Variances 150 156 70 78 $ 196,500 36,400 174,100 $ 202,800 41,730 182,460 $ 6,300 F 5,330 F 8,360 U $ 58,800 $ 62,070 $ 3,270 F 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.) For Quarter Ended June 30 BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income