6 Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9] 2.1 points Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 640 Selling price per unit $2,040 Cost per unit eBook Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year $1,370 $75 $ 300,000 $ 20,000 Hint Required: Prepare the company's budgeted income statement for the year. Print Gig Harbor Boating Budgeted Income Statement Sales $1,305,600 References Cost of goods sold 876,800 Gross margin Selling and administrative expenses Net operating income Interest expense Net income