Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are forecasted at 43,000 for January, 63,000 for February, and 53,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		10	%	of sales dollars
Rent	$	23,000		per month
Advertising		11	%	of sales dollars
Office salaries	$	80,000		per month
Depreciation	$	45,000		per month
Interest		12	%	annually on a $290,000 note payable
Tax rate		30	%

FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Operating expenses