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Exercise 7-8 Budgeted Income Statement [LO7-9] 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 Selling price per unit Cost per unit Variable selling and administrative expenses (per unit) Fixed seling and administrative expenses (per year) $105,000 460 $1,950 $1,575 $75 Interest expense for the year $14,000 Required Prepare the company's budgeted income statement using an absorption income statement format. Gig Harbor Boating Budgeted Income Statement Gig Harbor Boating Budgeted Income Statement Advertising Beginning merchandise inventory Commissions Cost of goods sold Required: Prepare the company's budgeted income statement using an abso Gig Harbor Boating Budgeted Income Statement Depreciation Direct labor Direct materials Ending merchandise inventory Fixed manufacturing overhead Indirort lahor Required: Prepare the company's budgeted income statement using an abse Gig Harbor Boating Budgeted Income Statement Indirect labor Indirect materials Interest expense Manufacturing overhead Purchases Required: Prepare the company's budgeted income statement using an absorp Gig Harbor Boating Budgeted Income Statement Manufacturing overhead Purchases Sales Selling and administrative expenses Variable manufacturing overhead