1 Check my work 4 Exercise 20-34 Budgeted income statement LO P3 1 points Fortune, Inc., 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 44,000 for January, 64,000 for February, and 54,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Skipped Commissions Rent Advertising office salaries Depreciation Interest Tax rate 11% of sales dollars $ 18,000 per month 15% of sales dollars $ 71,000 per month $ 54,000 per month 122 annually on a $210,000 note payable 40% eBook Hint Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) Ask FORTUNE, INC Budgeted Income Statement For Quarter Ended March 31 Print References Operating expenses 0 0