Exercise 15-6A (Algo) Income statement for internal use LO 15-3 Franklin 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 $507,000 193,000 43,000 2,800 15,900 23,700 1,600 660 8, 400 u 4,700 F 2,400 U 1,000 U 280 F 470 F 2000 150 F Required 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 (.e., zero variance).) Required 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 (i.e., zero variance).) FRANKLIN COMPANY Intemal income Statement Budget Actual Variance Effect Sales Variable expenses 0 0 Fixed expenses 0 0 $ 0 S