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 154,000 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 Sales Cost of goods sold Gross profit 9% of sales dollars per quarter per quarter Advertising expense Office salaries expense Depreciation expense Interest expense $ 42,000 $ 536,000 $ 290,000 $ 101,000 Prepare a budgeted Income statement for the first quarter ended March 31. Note: Round your Intermediate and final answers to the nearest whole dollar. ihbakhtbfEZERLAK 1.75% 30% per quarter per quarter quarterly on $290,000 note payable Selling, general and administrative expenses Sales commissions expense Rent expense FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 TA 0 0

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 154,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for the first quarter ended March 31. Note: Round your intermedlate and final answers to the nearest whole dollar