(Answered) Question - gig harbor boating is the wholesale distributor

Accounting

Question - 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 - 740

Selling price per unit - $ 2,090

Cost per unit - $ 1,490

Variable selling and administrative expense (per unit) - $ 80

Fixed selling and administrative expense (per year) - $ 345,000

Interest expense for the year - $ 25,000

Required: Prepare the company's budgeted income statement for the year.

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