Exercise 15-6A (Algo) Income statement for internal use LO 15-3 Adams Company has provided the following for the year. Budget Sales $512,000 Variable product costs 194,000 Variable selling expense 40,000 Other variable expenses 3,100 Fixed product costs 15,700 Fixed selling expense 23,900 Other fixed expenses 2,100 Interest expense 680 Variances Sales 7,900 U Variable product costs 4,400 F Variable selling expense 2,200 U Other variable expenses 1,300 U Fixed product costs 280 F Fixed selling expense Other fixed expenses Interest expense 410 F 110 U 140 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).) Sales Variable expenses Foed expenses: ADAMS COMPANY Internal Income Statement Budget Actual Variance Effect