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 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. Answer is complete but not entirely correct. Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income $ 1,645,800 1,259,700 386,100 42,900 343,200 27,000 $ 59,100 780 $ 2,110 $ 1,615 $ 55 $ 300,000 $ 27,000