Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Manage ded 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 Required: Prepare the company's budgeted income statement for the year. 700 $ 2,070 $ 1,605 $ 60 $ 200,000 $ 23,000 s Gig Harbor Boating Budgeted Income Statement Sales: 1,449,000 Cost of goods sold 1,123,500 Gross margin 325,500 Selling and administrative expenses 42,000 Net operating loss 200,000 Interest expense 23,000 Net income $ 60,500 < Prev 7 of 8 Next > MacBook Air