Question: Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit.

Fortune, Inc., is preparing its master budget for the first quarter. The

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 41,000 for January, 61,000 for February, and 51,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions Rent Advertising Office salaries $77,000 Depreciation $48,000 9% of sales dollars $18,000 per month 13% of sales dollars per month per month Interest Tax rate 14% annually on a $280,000 note payable 40% Prepare a budgeted income statement for this first quarter. (Rounding your final answers to the nearest whole dollar.) FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31

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