Q1) Gig Harbor Boating is wholesale distributor of small recreational catamaran sailboat. Management has created the following summary data to utilize in its annual budgeting process:
| Butgeted unit sales |
460 |
| Selling price per unit |
$1,950 |
| Cost per unit |
$1,575 |
| Variable selling and administrative expense (per unit) |
$75 |
| Fixed selling and administrative expense (per year) |
$105,000 |
| Interest expense for the year |
$14,000 |
Question:
Create company budgeted income statement. Utilize absorption costing income statement format illustrated in schedule?