Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has...
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Accounting
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 540
Selling price per unit $ 1,990
Cost per unit $ 1,585
Variable selling and administrative expense (per unit) $ 70
Fixed selling and administrative expense (per year) $ 140,000
Interest expense for the year $ 15,000
Prepare the companys budgeted income statement for the year.
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