Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget...

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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. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no varlance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,390 $ 1,250 per unit $ 500 per unit $ 153,500 Actual Results 1,590 $ 2,036,000 $ 831,000 $ 141,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1,590 units) (1,590 units) Sales $ 1,987,500 Variable costs Contribution margin Fixed costs Income Variances Favorable or Unfavorable Favorable Unfavorable Favorable 153,500 141,000 Favorable Favorable 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. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no varlance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,390 $ 1,250 per unit $ 500 per unit $ 153,500 Actual Results 1,590 $ 2,036,000 $ 831,000 $ 141,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results (1,590 units) (1,590 units) Sales $ 1,987,500 Variable costs Contribution margin Fixed costs Income Variances Favorable or Unfavorable Favorable Unfavorable Favorable 153,500 141,000 Favorable Favorable