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Exercise 08-6 Preparing a flexible budget report LO P1 Lewis Co. reports the following results for May, Prepare a flexible budget report showing varlances between budgeted and actual results Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted 750 per unit $ 300 per unit $138,500 1,290 Actual $1,170,000 $ 460,000 $ 131,000 1,490 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Fav./Unr. Sales Variable expenses Contribution margin Fixed expenses Income from operations