731/2018 Assignment Print Veos 8. Award: 10.00 points Gig Harbor Boating is the

Question

731/2018 Assignment Print Veos 8. Award: 10.00 points 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 p Budgeted unit sales Selling price per unit Cost per unit Variable selling and administraive expense (per unit) Fixed selling and administrative expense (per year) Interest e 580 S 2,010 S 1.470 45 S 200,000 S 17.000 for the year Required: Prepare the company's budgeted income statement for the year Gig Harbor Boating Budgeted Income Statement Hints Het#1 References Worksheet Difficulty: 1 Easy Lening Objective: 08-09 Prepare a budgeted incame statement http:Nezto.mheducation.comim tpxPtodo c153ngiPriniwsingeQuestonNa BpostSubreissionview 132527088928733718wid-

Explanation / Answer

Gig Harbor Boating

Budgeted Income Statement

Sales(580 units × $2,010 per unit) $1,165,800 Cost of goods sold(580 units × $1,470 per unit) $852,600 Gross margin $313,200 Selling and administrative expenses[(580 units × $45 per unit) + $200,000] $226,100 Net operating income $87,100 Interest expense $17,000 Net income $70,100

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