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Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual
Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process:
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 the companys budgeted income statement for the year.
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