Budgeted Income Statement [LO9]

Seattle Cat is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process:

Required:
Prepare the company’s budgeted income statement using an absorption income statement format as shown in Schedule 9.

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Budgeted unit sales 380 Selling price per unit. $1,850 Cost per unit.... $1,425 Variable selling and administrative expenses (per unit) $85 Fixed selling and administrative expenses (per year). $105,000 Interest expense for the year.. $11,000