Exercise $8-8($Algo$)$ Budgeted Income Statement $[$L$08-9]$

Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes:

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

$560$

$$2,000$

$$1,360$

$$80$

$$265,000$

$$16,000$

Required:

Prepare a budgeted income statement for the year.