SP 21 Serial Problem Business Solutions (Static) LO P1 Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks and $18,000 in variable expenses for chairs, as well as $30,000 of fixed expenses. Actual fixed expenses total $31,000. 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.) \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ BUSINESS SOLUTIONS } \\ \hline \multicolumn{5}{|c|}{ Flexible Budget Performance Report } \\ \hline For Quarter Ended June 30 & Flexible Budget & Actual Results & Variance & Favorable/Unfavorable \\ \hline \multicolumn{5}{|l|}{ Desk sales } \\ \hline \multicolumn{5}{|l|}{ Chair sales } \\ \hline \multicolumn{5}{|l|}{ Variable expenses } \\ \hline \multicolumn{5}{|l|}{ Contribution margin } \\ \hline \multicolumn{5}{|l|}{ Fixed expenses } \\ \hline Income & & & & \\ \hline \end{tabular}