EXERCISE 8-8 Budgeted Income Statement L08-9 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 460 Selling price per unit $1,950 Cost per unit $1.575 Variable selling and administrative expenses (per unit) $75 Fixed selling and administrative expenses (per year) S105,000 Interest expense for the year $14,000 Required: Using Schedule 9 as your guide, prepare the company's budgeted income statement for the year. SCHEDULE 9 B 1 Hampton Freeze, Inc. 2 Budgeted Income Statement 3 For the Year Ended December 31, 2021 4 5 Schedules 6 Sales 1 $ 2,000,000 7 Cost of goods sold 1,6 1,300,000 8 Gross margin 700,000 9 Selling and administrative expenses 7 576.000 10 Net operating Income 124,000 11 Interest expense 21,900 12 Net Income $ 102 100 Schedule 9 Schedule 10 Source: Microsoft Excel 8 12 +