Transcribed image text: Fanning Company has provided the following for the year. $516,000 186,000 45,000 3,200 16,300 23,800 1,300 730 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 Pixed selling expenso Other fixed expenses Interest expense 8, 2000 4,200 2,200 U 1.100 U 290 F 390 P 1100 100 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).) FANNING COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses Fixed expenses