Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately, and indicate variances as favorable (F) or unfavorable (U).

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Budgetod Actual $300 per unit $120 per unit $125,000 Sales.... $435,000 Variable expenses. Fixed expenses (total) $172,000 $122,000 Units produced and sold 1,200 1,400