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Solomon Company has provided the following for the year. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling

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Solomon 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 $515,000 199,000 41,000 3,200 15,800 24,100 1,600 710 7,700 U 4,200 F 2,500 U 1,400 U 260 F 430 F 140 U Internal income Statement Budget Actual Variance Effect Sales Variable expenses 0 0 Fixed expenses 0 ol $ 01 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 (ie, zero variance).)

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