Seattle Cat is the wholesale distributor of a small recreational catamaran sailboat.Management has prepared the following summary data to use in its preparation of its budgeted income statement:

Budgeted unit sales 375

Selling price per unit $1,854

Cost per unit $1,465

Variable selling & administrative expenses (per unit) $63

Fixed selling & administrative expenses (per year) $88,000

Interest expense for the year $13,900

BUDGETED INCOME STATEMENT