Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single...

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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 160,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Connissions Rent 11% of sales dollars Advertising Office salaries Depreciation Interest $ 42, 000 $ 568, 000 $ 219, e00 $ 109,000 1.25% quarterly on $210, 000 riote payable 40% per quarter per quarter per quarter per quarter Tax rate Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole doller.) Prepare a budgeted income statement for the first quarter ended March 31. (Round your interme nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales 400,000 Cost of goods sold Gross profit 1,920,000 2,080,000 Selling, general and administrative expenses 440,000 45,000 524,000 288,000 109,000 3,900 670,100 2,080,000 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 160,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Connissions Rent 11% of sales dollars Advertising Office salaries Depreciation Interest $ 42, 000 $ 568, 000 $ 219, e00 $ 109,000 1.25% quarterly on $210, 000 riote payable 40% per quarter per quarter per quarter per quarter Tax rate Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole doller.) Prepare a budgeted income statement for the first quarter ended March 31. (Round your interme nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales 400,000 Cost of goods sold Gross profit 1,920,000 2,080,000 Selling, general and administrative expenses 440,000 45,000 524,000 288,000 109,000 3,900 670,100 2,080,000

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