Question
Please solve this with an internal income statement table! Finch Company has provided the following for the year. Budget Sales $ 514,000 Variable product costs
Please solve this with an internal income statement table!
Finch Company has provided the following for the year. Budget Sales $ 514,000 Variable product costs 200,000 Variable selling expense 49,000 Other variable expenses 3,500 Fixed product costs 15,900 Fixed selling expense 23,600 Other fixed expenses 1,900 Interest expense 610 Variances Sales 7,600 U Variable product costs 4,200 F Variable selling expense 1,800 U Other variable expenses 1,100 U Fixed product costs 290 F Fixed selling expense 410 F Other fixed expenses 180 U Interest expense 130 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 (i.e., zero variance).)
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