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 companys budgeted income statement using an absorption income statement format shown below.

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 expenses (per unit) Fixed selling and administrative expenses (per year)$225,000 Interest expense for the year 480 $1,960 $1,350 $40 $12,000 Required: Prepare the company's budgeted income statement using an absorption income statement format shown below. Gig Harbor Boating Budgeted Income Statement 0 0