Question: Help Save Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per
Help Save 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 at 37,000 for January, 57000 for February, and 47.000 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 10% of sales dollars $21,000 per month 134 of sales dollars $75,000 per month $ 48,000 per month 154 annually on a $300,000 note payable 30% Prepare a budgeted Income statement for this first quarter. (Round your final answers to the nearest whole dollar) FORTUNE, INC Budgeted Income Statement For Quarter Ended March 31 Operating expenses
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