$1$

Exercise $9-4$A $($Algo$)$ Income statement for internal use LO $9-1$

Finch Company has provided the following Year $2$ data.

$\backslash$table$[[$Budget$,],[$Sales$,515,000],[$Variable product costs,$185,000],[$Variable selling expense,$43,000],[$Other variable expenses,$2,600],[$Fixed product costs,$16,400],[$Fixed selling expense,$23,400],[$Other fixed expenses,$1,500],[$Interest expense,$670],[$Variances$,],[$Sales$,7,800$ Unfavorable$],[$Variable product costs,$4,000$ Favorable$],[$Variable selling expense,$1,800$ Unfavorable$],[$Other variable expenses,$1,100$ Unfavorable$],[$Fixed product costs,$250$ Favorable$],[$Fixed selling expense,$420$ Favorable$],[$Other fixed expenses,$140$ Unfavorable$],[$Interest expense,$160$ Favorable$]]$

Required

Prepare a budgeted and actual income statement for internal use.

$\backslash$table$[[$FINCH COMPANY$],[$Internal Income Statement for Year $2],[,$Budget,Actual$],[$Sales$,,],[$Variable expenses:,,$],[$Product costs,,$],[$Selling expenses,,$],[$Other expenses,,$],[$Contribution margin,,$],[$Fixed expenses:,,$],[$Product costs,,$],[$Selling expenses,,$],[$Other expenses,,$],[$Operating income $($loss$),,],[$Interest expense,,$],[$Net income $($loss$),,]]$