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Can anyone help me get this exercise right, please? Thanks. Exercise 8-8 Budgeted Income Statement LO8-9] Gig Harbor Boating is the wholesale distributor of a

Can anyone help me get this exercise right, please? Thanks. image text in transcribed

Exercise 8-8 Budgeted Income Statement LO8-9] 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 Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 480 $ 1,960 $ 1,350 40 225,000 $ 12,000 Required Prepare the company's budgeted income statement for the year. Answer is complete but not entirely correct. Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income $ 940,800 648,000 292,800 19,200 225,000 12,000 36,600

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