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

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Accounting

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

Budgeted unit sales 800
Selling price per unit $ 2,120
Cost per unit $ 1,390
Variable selling and administrative expense (per unit) $ 65
Fixed selling and administrative expense (per year) $ 500,000
Interest expense for the year $ 28,000

Required:

Prepare a budgeted income statement for the year.

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