Exercise 8-8 (Algo) 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: 780 $ 2,110 $ 1,615 Budgeted unit sales Selling price per unit Coat per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year $ 55 $300,000 $ 27,000 Required: Prepare the company's budgeted income statement for the year. ces Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold Gross margin Net operating Income interest expense Net income