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: Required: Prepare the company's budgeted income statement using an absorption income statement format. Gig Harbor Boating Budgeted Income Statement Advertising Beginning merchandise inventory Commissions Cost of goods sold Depreciation Gig Harbor Boating Budgeted Income Statement Manufacturing overhead Purchases Sales Selling and administrative expenses Variable manufacturing overhead