part 1

Part 2

Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Flexible Budget Performance Report Flexible Budget Actual Results For Month Ended June 30 (12,300 units) (12.300 units) Sales $? $? Variable costs 366,000 Contribution margin 627,300 ? Fixed costs 285.000 300,000 Income $ $? Variances $ 44,500F ? $? Flexible Budget Performance Report Flexible Budget Actual Results Variances (12,300 units) (12,300 units) For Month Ended June 30 Favorable/Unfavorable Sales Variable costs Contribution margin Fixed costs Income 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 1,240 $ 500 per unit $ 200 per unit $ 131,000 Actual Results 1.440 $ 735,000 $ 300,000 $126.000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results Variances [1.440 units) (1.440 units) For Month Ended May 31 Favorable/Unfavorable