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.

Orepare a budgeted income statement for this first quarter. HINT - You are not making an income statement for only one month. Rather it is for a 3-month period. (Round your final answers to the nearest whole dollar.)