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. Note: 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 1,280 $ 700 per unit $ 280 per unit $ 137,000 Actual Results 1,480 $ 1,095,000 $ 428,000 $ 130,000 For Month Ended May 31 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,480 units) (1,480 units) Variances Favorable or Unfavorable

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