Company XYZ has prepared its budget for the upcoming quarter. They expect the following:

• Sales Revenue: $300,000
• Cost of Goods Sold: 40% of Sales Revenue
• Operating Expenses: $100,000
• Interest Expense: $5,000
• Tax Rate: 25% Additionally, they want to analyze their performance by comparing the budgeted amounts with the actual results for the quarter. The actual results are as follows:
• Actual Sales Revenue: $280,000
• Actual Cost of Goods Sold: $110,000
• Actual Operating Expenses: $90,000
• Actual Interest Expense: $4,000 Calculate the budgeted amounts, actual amounts, and variances for each line item, and analyze the reasons for the variances.