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

Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes:

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

$700$

$$2,070$

$$1,605$

$$60$

$$200,000$

$$23,000$

Required:

Prepare a budgeted income statement for the year.