Exercise 15-6A (Algo) Income statement for Internal use LO 15-3 Perez Company has provided the following for the year. $503,000 190,000 45,000 2, 800 15, 600 23,500 2. 000 770 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 8, 400 U 4, 300 F 2, 100 U 1, 200 U 240 F 420 F 100 U 130 F Required 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).) PEREZ COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses Fixed expenses