Benson Company has provided the following for the year. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costa 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 $517,000 194,000 46,000 3,400 16,500 24,200 1,800 630 7,700 U 4,200 F 1,900 0 1,600 U 260 430 120 0 100 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).)
Benson Company has provided the following for the year. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costa 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 $517,000 194,000 46,000 3,400 16,500 24,200 1,800 630 7,700 U 4,200 F 1,900 0 1,600 U 260 430 120 0 100 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).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Benson 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
Variable product costa
Variable selling expense
Other variable expenses
Fixed product costs
Fixed selling expense
Other fixed expenses
Interest expense
$517,000
194,000
46,000
3.400
16,500
24,200
1,800
630
7.700 U
4,200 F
1,900 U
1,600 U
260
430 F
120 0
180 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).)
BENSON COMPANY
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