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 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising 8% of sales dollars per quarter $ 42,000 $ 562,500 per quarter Office salaries $ 225,000 per quarter Depreciation $ 120,000 per quarter Interest Tax rate 1.25% quarterly on $250,000 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.) Sales Cost of goods sold Gross profit FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 $ 3,750,000 2,100,000 1,650,000 Selling, general and administrative expenses Sales commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense $ 300,000 42,000 562,500 225,000 120,000