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 45,000 for January, 65,000 for February, and 55,000 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% $16,000 12% $ 73,000 $ 46,000 of sales dollars per month of sales dollars per month per month 15% annually on a $280,000 note payable 30% Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Operating expenses