Required information Use the following information for the Quick Study below. (Static) The following information applies to the questions displayed below) The fixed budget for 20,000 units of production shows sales of $400,000 variable costs of $80,000; and fixed costs of $150,000 QS 21-4 (Static) Flexible budget performance report LO P1 The company's actual sales were 26,000 units at $480,000 Actual variable costs were $112,000 and actual fixed costs were $145,000 Prepare a flexible budget performance report Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Variances Favorable! Unfavorable Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results $ 480,000 112,000 0 368,000 150,000 145,000 $ (150,000) $ 223,000