Thornton Company has provided the following for the year. $501,000 191,000 47,000 2,700 16,000 24,000 1,900 770 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 Interest expense 7,900 U 4,400 F 2,100 U 1,700 U 240 F 470 F 120 U 160 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).) THORNTON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses: 0 0 Fixed expenses: 0 0 $ 0 $ 0