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Seattle Cat 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $380Selling price per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,850Cost per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,425Variable selling and administrative expenses (per unit) . . . . . . . $ 85Fixed selling and administrative expenses (per year) . . . . . . . . . $105,000Interest expense for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,000
Required:
Prepare the company's budgeted income statement using an absorption income statement format as shown in Schedule 9.
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