10 7 points eBook Brief Exercise 7-9 Preparing a Budgeted Income Statement (LO3 - CC13) Gig Harbour Boating is the wholesale distributor of small recreational catamaran sailboats. Management has prepared the following summary data to use in its annual budgeting process: Budgeted sales (in units) 460 Selling price per unit $ 1,950 Cost per unit $ 1,575 Variable selling and administrative Reference $ 75 expenses (per unit) Fixed selling and administrative $105,000 expenses (per year) Interest expense for the year $14,000 Required: Prepare the company's budgeted income statement. GIG HARBOUR BOATING Budgeted Income Statement