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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