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

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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 Required: Prepare a budgeted income statement for the year. 540 $ 1,990 $1,585 $ 70 $140,000 $15,000 Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold $1,074,600 855,900 Gross margin Selling and administrative expenses 177,800 Net operating income Interest expense Net income 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 Required: Prepare a budgeted income statement for the year. 540 $ 1,990 $1,585 $ 70 $140,000 $15,000 Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold $1,074,600 855,900 Gross margin Selling and administrative expenses 177,800 Net operating income Interest expense Net income