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 44,000 for January, 64,000 for February, and 54,000 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 21,000 per month 15% of sales dollars $75,000 per month $53,000 per month 11% annually on a $260,000 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