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

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

$660$

$$2,050$

$$1,480$

$$85$

$$245,000$

$$21,000$

Required:

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