Week 13 Discussion Forum Actual Budget ($) ($) Variance ($) Variance % SALES 250,450 282,501 COST OF SALES 82,000 89,340 GROSS PROFIT 168,450 193,161 OPERATING EXPENSES Management and Staff 38,750 44,850 Employee Benefits 9,500 11,203 Direct Operating Expenses 26,500 27,210 Marketing 1,200 150 Utility Services 3,250 3,289 Repairs and Maintenance 3,500 2,874 Administrative and General 24,750 25,598 Occupancy 1,200 1,200 Depreciation 2,200 2,200 Total Operating Expenses 110,850 118,574 OPERATING INCOME 57,600 74,587 Interest 7,100 7,100 INCOME BEFORE INCOME TAXES 50,500 67,487 Income Taxes 12,625 16,872 NET INCOME 37,875 50,615 Calculate only the net income variance $ and variance %. What two factors may have contributed to the difference in variance $ and variance % in net income? Only 1 post is required