1. Prepare a budgeted income statement for Berkshire Hathaway Inc. for the quarter ending March 31, 2024.
2. Compare the budgeted figures to the actual figures and calculate the variances.
3. Evaluate the company's performance based on the variances.

Budgeted Item	Amount ($)	Actual Item	Amount ($)
Expected Sales	3,000,000	Actual Sales	2,800,000
Expected Cost of Goods Sold	1,500,000	Actual Cost of Goods Sold	1,400,000
Salaries Expense	600,000	Actual Salaries Expense	620,000
Rent Expense	120,000	Actual Rent Expense	130,000
Advertising Expense	100,000	Actual Advertising Expense	105,000
Utilities Expense	70,000	Actual Utilities Expense	68,000
Interest Expense	60,000	Actual Interest Expense	65,000
Income Tax Expense	180,000	Actual Income Tax Expense	170,000

Question:

Using the given projections, prepare a budgeted income statement for Berkshire Hathaway Inc. for the quarter ending March 31, 2024. Compare the budgeted figures to the actual figures and calculate the variances. Evaluate the company's performance based on the variances.