Exercise $8-8($Algo$)$ Budgeted Income Statement $[$LO$8-9]$

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 $860$

Selling price per unit $ $2,150$

Cost per unit $ $1,625$

Variable selling and administrative expense $($per unit$)$ $ $95$

Fixed selling and administrative expense $($per year$)$ $ $335,000$

Interest expense for the year $ $31,000$

Required:

Prepare the company$$s budgeted income statement for the year.