XYZ Company is preparing its budget for the next quarter. They expect the following:

• Sales Revenue: $400,000
• Cost of Goods Sold: 50% of Sales Revenue
• Operating Expenses: $120,000
• Interest Expense: $8,000
• Tax Rate: 30% Additionally, they want to analyze their performance by comparing the budgeted amounts with the actual results for the quarter. The actual results are as follows:
• Actual Sales Revenue: $380,000
• Actual Cost of Goods Sold: $190,000
• Actual Operating Expenses: $110,000
• Actual Interest Expense: $7,000 Calculate the budgeted amounts, actual amounts, and variances for each line item, and analyze the reasons for the variances.