Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes:
Budgeted unit sales 680
Selling price per unit \$ 2,060
Cost per unit \$ 1,680
Variable selling and administrative expense (per unit) \$ 50
Fixed selling and administrative expense (per year) \$ 200,000
Interest expense for the year \$ 22,000
Required:
Prepare a budgeted income statement for the year.
Gig Harbor Boating
Budgeted Income Statement
