Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] The fixed budget for 21,800 units of production shows sales of $588,600; variable costs of $65,400; and fixed costs of $144,000. QS 23-4 (Algo) Flexible budget performance report LO P1 The company's actual sales were 27,800 units at $703,600. Actual variable costs were $113,100 and actual fixed costs were $133,000. 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.) Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable $ 588,600 $ 703,600 $ 115,000 Unfavorable 65,400 113,100 47,700 Unfavorable 523,200 590,500 67,300 Unfavorable 144,000 133,000 11,000 Favorable $ 379,200 $ 457,500 $ 108,300 Unfavorable