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 42,000 for January, 62,000 for February, and 52,000 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 12% of sales dollars $15,000 per month 13% of sales dollars $ 71,000 per month $52,000 per month 13% annually on a $220,000 nate payable Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollat.) Answer is complete but not entirely correct. FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 $1,300,000 624,000 3 676 000 $ Sales Cost of goods sold Gross loss Operating expenses 15 FUNCIUNE IN Budgeted Income Statement For Quarter Ended March 31 0.46 Doints 51,300,000 624,000 676,000 X OS Cost of goods sold Gross loss Operating expenses Commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense 156,000 15,000 169,000 71,000 52,000 28,600 Interest expense Operating expenses Equipment, net Income tax expense Net income 491.600 184.400 147 480 36,920 S