Vernon Company has provided the following for the year, Budget Sales Variable product costs Variable selling...

 

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Vernon 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 $512, 000 187, 000 45, 000 3, 400 15, 900 24, 000 2,100 710 Variable product costs Variable selling expense other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense 8, 500 U 4, B00 F 1, 800 U 2, 000 U 270 F 480 F 160 U 130 F 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 (.e., zero variance).) VERNON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses: Fixed expenses: 0. %24 0. Vernon 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 $512, 000 187, 000 45, 000 3, 400 15, 900 24, 000 2,100 710 Variable product costs Variable selling expense other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense 8, 500 U 4, B00 F 1, 800 U 2, 000 U 270 F 480 F 160 U 130 F 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 (.e., zero variance).) VERNON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses: Fixed expenses: 0. %24 0.

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Preparing the income statement as follows VERNON COMPANY ... View the full answer