Exercise 15-6A (Algo) Income statement for internal use LO 15-3 Solomon Company has provided the following for the year. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense $508,000 200,000 40,000 2,700 16,400 23,500 1,200 750 7.700 U 4,600 F 2,000 V 1,100 V 230 F 490 F 140 V 180 E Che a. Prepare in good form a budgeted and actual income statement for internal use Separate operating income from net income in the statements and indicate whether each variance is favorable (F) or unfavorable (U) (Select "None" if there is no effect fi.e., zero variance).) SOLOMON COMPANY Internal Income Statement Budget Actual Variance $ 508000 5 499.700 $ 8.3000 Effect Sales Variable expenses Product costs tu Selling expenses Other expenses SOB.000 499,700 7.800 ces Cabution margin Fed expenses Product costs Selling expenses Our expenses 23.500 23.0201 476650 Operating income 454.500 5 476.680s 6.900 ic . w MacBook Air e 80 DOO FV0 DOOF F F A #3 $ 4 % 5 & 7 * 00 9 0 6 2 o 0 W E R Y T U