2 3 5 Net sales 6 Cost of goods sold 7 Gross profit S Expenses 9 10 Operating expenses Administration expense Rent expense 20 13 Profit before income tax 24 Income tax expense 15 Proff 16 17 18 19 24 Net sales Total expenses 25 26 Gross profit 27 Expenses 28 29 Cost of goods sold Operating expenses Administration expense Rent expense Total expenses 27 Pin hafora income TRY FFT Corporation Income Statement Year Ended December 31, 2020 Marking kom S FFT Corporation Budgeted Income Statement Year Ended December 31, 2020 S 40,000 22,000 15.000 Appendix 1 - 30 44,000 24,000 15,500 S S Appendix 2-v30 3,50,000 2.10.000 1,40,000 77.000 63.000 20,000 43.000. 3,40,000 2.20.000 1,20,000 Net sales Cost of goods sold Gross profit Expenses Operating expenses S Administration expense Rent expense Total expenses Profit before income tax Income tax expense Profit 83.500 36 500 Appendix 3-v30 Appendix 4-v30 $ S + Actual for the year 3,50,000 $ 2,10,000 1,40,000 40,000 S 22,000 15,000 77.000 63,000 20.000 43,000 S Static Budget Variance Static for the year 3,40,000 S 2,20,000 S 1,20,000 S 44,000 S 24,000 S 15,500 S 83,500 S 36,500 S 14,000 S 22.500 S Variance (10,000) (10,000 20,000 (4,000) (2.000) (500) (6.500) 26 500 6.000 20,500 U/F L L L U F U F U U F F U