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 159,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per u Sales (In units) are budgeted at 159,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense Information for the fi quarter follows. Sales Commissions 12% of sales dollars Rent $ 43,000 per quarter Advertising $ 559,600 per quarter Office salaries $ 249,600 per quarter Depreciation $ 137,000 per quarter Interest 1.25% quarterly on $280,000 note payable Tax rate Prepare a budgeted Income statement for the first quarter ended March 31. (Round your Intermediate and final answers to the nearest whole dollar.) 30% FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses 0 S 0