Question: 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

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

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