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 5510,000 185,000 45,000 2.600 16,500 23,700 2,000 760 8,400 U 4,700 F 2,300 1,200 U 323 F 430 F 130 U 160 F Required a. Prepare in good form a budgeted and actual income statement for internal use Separate operating income from net income in the stotements and indicate whether each variance is favorable (F) or unfavorable (U) (Select "None" there is no effect (i.e., zero variance).) ROONEY COMPANY Intemal Income Statement Budget Actual Variance Effect Sales Variable expenses Product costs Selling expenses Other expenses 0 Contribution margin Fixed expenses Product costs Selling expenses Other expenses 0 0 Operating income Interest expense Net income S OS 0