Module 7 Homework | Problem Business Solutions (Algo) LO P1 Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $155,750 budgeted expenses include $100,500 in variable expenses for desks and $17,250 in variable expenses for chairs, as well as $38,000 of fixed expenses. Actual fixed expenses total $39,100. Desk sales (in units) Chair sales (in units). Desk sales Chair sales Total expenses Income Fixed Budget Actual Results Variances 134 140 69 77 36,570 155,750 41,965 163,680 $ 6,640 F 5,395 F 7,930 U $ 60,380 $ 64,485 $ 4,105 F $ 179,560 $ 186,200 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 For Quarter Ended June 30 Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income