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 157.000 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 10% of sales dollars 544,000 per quarter $ 545,000 per quarter $ 245, eee per quarter 5 139, per quarter 1.5er quarterly on $290, eee note payable 30% FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Advertising expense Office salaries expense Rent expense Depreciation expense 0 Income before taxes Income tax expense Net income $ 0