Exercise 23-6 (Algo) Preparing flexible budget performance report LO P1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,350 $ 1,050 per unit $ 420 per unit $ 147,500 Actual Results 1,550 $ 1,678,000 $ 652,000 $ 137,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results Variances (1,550 units) (1,550 units) For Month Ended May 31 Fav./Unf. Sales Variable costs Contribution margin Fixed costs Income