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Jordan 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 Vatable expenses: Fixed expenses: $503,000 197,000 44,000 $ 2,600 16,200 23,600 1,300 760 8,500 u 4,700 F 1,900 U 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 (Le.. zero variance).) 1,800 u 250 F 430 F 129 U 120 F JORDAN COMPANY Internal Income Statement Budget 0 $ Actual Variance Effect

Jordan 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 Vatable expenses: Fixed expenses: $503,000 197,000 44,000 $ 2,600 16,200 23,600 1,300 760 8,500 u 4,700 F 1,900 U 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 (Le.. zero variance).) 1,800 u 250 F 430 F 129 U 120 F JORDAN COMPANY Internal Income Statement Budget 0 $ Actual 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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Jordan 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: 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 (1.e., zero variance).) Fixed expenses: $503,000 197,000 44,000 2,600 16, 200 23,609 1,300 760 $ 8,500 U 4,700 F 1,900 U 1,800 u 250 F 439 F 129 U 120 F JORDAN COMPANY Internal Income Statement Budget o Actual 0 $ 0 0 Variance Effect
Transcribed Image Text:Jordan 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: 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 (1.e., zero variance).) Fixed expenses: $503,000 197,000 44,000 2,600 16, 200 23,609 1,300 760 $ 8,500 U 4,700 F 1,900 U 1,800 u 250 F 439 F 129 U 120 F JORDAN COMPANY Internal Income Statement Budget o Actual 0 $ 0 0 Variance Effect
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