Fortune Incorporated 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 budgeted at 154,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Sales Commissions

Rent

Advertising

Office salaries

Depreciation

Interest

Tax rate

12% of sales dollars

$ 50,000

per quarter

$ 587,000

per quarter

$ 235,000

per quarter

$ 142,000

per quarter

1.75% quarterly on $270,000 note payable

30%

Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)

Fortune Incorporated 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 budgeted at 154,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)