Student L is preparing a master budget for Company Lambda for the upcoming fiscal year. The company expects the following:

• Sales Revenue: $1,000,000
• Cost of Goods Sold: 60% of Sales Revenue
• Operating Expenses: $300,000
• Interest Expense: $20,000
• Tax Rate: 30% Additionally, the actual results for the year are as follows:
• Actual Sales Revenue: $950,000
• Actual Cost of Goods Sold: $570,000
• Actual Operating Expenses: $280,000
• Actual Interest Expense: $18,000 Calculate the budgeted amounts, actual amounts, and variances for each line item and analyze the reasons for the variances.