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Business, 11.03.2020 01:37 julio38

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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