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. Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income 780 $ 2,110 $ 1,615 $ 55 $ 300,000 $ 27,000

Gig Harbor Boating is the wholesale distributor of a small recreationai catamaran sallboat Management has prepared the following summary data to use in its annual budgeting process: Required: Prepare the company's budgeted income statement for the year