During July, Neptune Company had actual sales of $144,000 compared to budgeted sales of 3)
$156,000. Actual cost of goods sold was $108,000, compared to a budget of $109,200. Monthly
Operating expenses, budgeted at $22,400, totaled $20,000. Interest revenue of $2,000 was earned
During July but had not been included in the budget. The performance report for July would show
A net income variance of what amount?
