15. 110 polnts value Seattle Cat is the wholesale distributor of a small recreat

Question

15. 110 polnts value 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 Selling price per unit Cost per unit Variable selling and administrative expenses (per unit) Fixed selling and administrative expenses (per year) $1.000 Interest expense for the year 380 s 1.850 s 1,445 5 67 S 13.400 Required: Prepare the company's budgeted income statement using an absorption income statement format shown below. Seattle Cat Budgeted Income Statement

Explanation / Answer

Answer

seattle cat budgeted income statement

sales ( 380 * 1850 ) 703000 cost of goods sold ( 380 * 1445 ) 549100 gross profit 153900 selling and administrative expenses ( 67 * 380 + 91000 ) 116460 income from operations 37440 interest expense 13400 net income 24040

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