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: 460
Selling price per unit: $1,950
Cost per unit: $1,575
Variable selling and administrative expenses (per unit): $75
Fixed selling and administrative expenses (per year) $105,000
Interest expense for the year $14,000
Prepare the company's budgeted income statement using an absorption income statement format.
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Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Manageme...
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