Student E is preparing a budget for Company Epsilon for the upcoming quarter. The company expects the following:

• Sales Revenue: $300,000
• Cost of Goods Sold: 60% of Sales Revenue
• Operating Expenses: $50,000
• Interest Expense: $10,000
• Tax Rate: 30% Additionally, the actual results for the quarter are as follows:
• Actual Sales Revenue: $280,000
• Actual Cost of Goods Sold: $150,000
• Actual Operating Expenses: $60,000
• Actual Interest Expense: $12,000 Calculate the budgeted amounts, actual amounts, and variances for each line item and analyze the reasons for the variances.