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 36,000 for January, 56,000 for February, and 46,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Operating expenses $ 3,450,000 1,794,000 (57,000) (483,000) (483,000) (540,000) $ -540,000 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 36,000 for January, 56,000 for February, and 46,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 9% of sales dollars $ 16,000 per month 14% of sales dollars $ 75,000 per month $ 52,000 per month 13% annually on a $280,000 note payable 30%