Walton 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 $505,000 196,000 47,000 3,000 15,700 23,900 2,000 780 8,200 U Variable product costs. 4,200 F Variable selling expense 2,000 U Other variable expenses Fixed product costs 1,900 U 280 F Fixed selling expense Other fixed expenses Interest expense 430 P 120 U 140 P 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).)