Exercise 8-8 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: Budgeted unit sales 800 Selling price per unit $2,120 Cost per unit $1,390 Variable selling and administrative expenses $65 (per unit) Fixed selling and administrative expenses $500,000 (per year) Interest expense for the year $28,000 Required: Prepare the company's budgeted income statement using an absorption income statement format shown below. Gig Harbor Boating Budgeted Income Statement