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 $160,050 budgeted expenses include $110,200 in variable expenses for desks and $14,850 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,200. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget Actual Results Variances 145 151 55. 63 $188,500 $194,790 30,800 160,050 36,225 168,260 $ 6,290 F 5,425 P 8,210 U $ 59,250 $ 62,755 $ 3,505 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.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results For Quarter Ended June 30 Desk sales $ Chair sales Variable expenses Contribution margin 196,300 $ 194,790 $ 35,280 36,225 Variance Favorable/Unfavorable 1,510 Unfavorable (945) Fixed expenses Income