Connect Chegg Study l Guided Solutio × Niko .Cnewconnect.mheducation.com/flow/co

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Connect Chegg Study l Guided Solutio × Niko .Cnewconnect.mheducation.com/flow/connect.html?sessionid-24011461 15039732592275d9d6b70289c440b80a4e921a55d1dbc&emailenaanast;%40ilstu.edu Apps MyLab & Mastering I..nois State Universi.. @ Chapter 8 Homework Help Save & Exit Submit Saved 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 Selling price per unit Cost per unit Variable selling and administrative expense(per unit) Fixed selling and administrative expense (per year) Interest expense for the year 600 $ 2,020 $1,670 1.25 points 107,000 $ 18,000 eBook Required Prepare the company's budgeted income statement for the year Print References Gig Harbor Boating Budgeted Income Statement Mc Graw Hill K Prex 7 of 8 Next >

Explanation / Answer

Statement showing income under absorption costing Particulars Amount Sales = 600*2020 1212000 Cost of goods sold = 1670*600 -1002000 Gross Profit 210000 Less Selling , Marketing and admin Exp Variable selling and Admin Exp = 55*600 -33000 Fixed selling and Admin Exp -107000 Net Operating income 70000 Interest Expense -18000 Net Income 52000

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