Question: got half correct can someone help with the rest? please Fortune, Inc. is preparing its master budget for the first quarter. The company sells a

Fortune, Inc. 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 forecasted ot 45,000 for January, 65,000 for February, and 55,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 96 of sales dollars $21,000 per month 11% of sales dollars $ 79,000 per month $50,000 per month 14% annually on a $230,000 note payable 30% Return to question 3 Answer is not complete. 10 points OOO FORTUNE, INC Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Operating expenses Commissions expense Rent expense Advertising expense Office sales expert Depreciation expense Interest expense OOOOOO 0 Total operating expenses Income before taxes Income tax expense Noticome OOOO 0 3 of 9 Hi Next >
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
