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Fanning 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 costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Sales Variable expenses: Fixed expenses: $520,000 199,000 40,000 3,300 15,800 24,300 1,300 680 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).) $ 8,400 U 4,100 F 2,000 U 1,400 U 270 F 470 F 0 150 U 80 F FANNING COMPANY Internal Income Statement Budget Actual 0 0 $ 0 0 0 Variance Effect

Fanning 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 costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Sales Variable expenses: Fixed expenses: $520,000 199,000 40,000 3,300 15,800 24,300 1,300 680 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).) $ 8,400 U 4,100 F 2,000 U 1,400 U 270 F 470 F 0 150 U 80 F FANNING COMPANY Internal Income Statement Budget Actual 0 0 $ 0 0 0 Variance Effect

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fanning 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 costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Sales Variable expenses: Fixed expenses: $520,000 199,000 40,000 3,300 $ 15,800 24,300 1,300 680 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).) 0 8,400 U 4,100 F FANNING COMPANY Internal Income Statement Budget Actual 0 2,000 U 1,400 U 270 F 470 F 150 U 80 F 0 69 0 0 0 Variance Effect
Transcribed Image Text:Fanning 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 costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Sales Variable expenses: Fixed expenses: $520,000 199,000 40,000 3,300 $ 15,800 24,300 1,300 680 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).) 0 8,400 U 4,100 F FANNING COMPANY Internal Income Statement Budget Actual 0 2,000 U 1,400 U 270 F 470 F 150 U 80 F 0 69 0 0 0 Variance Effect
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