4 5 points H look Pert References 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 151,000 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 9% $ 42,000 of sales dollars per quarter $ 533,000 per quarter per quarter per quarter 40% $293,000 $140,000 1.25% quarterly on $240,000 note payable. Prepare a budgeted income statement for the first quarter ended March 31 Note: Round your intermediate and final answers to the nearest whole dollar. FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales fret of news sold $ 3,775,000 1812 ml Mc FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 $ 3,775,000 Sales Cost of goods sold 1,812,000 Gross profit 1,963,000 Selling, general and administrative expenses Advertising expense $ 533,000 Office salaries expense 293,000 Rent expense 42,000 Depreciation expense 140,000 Interest expense 3,000 Sales commissions expense 13,590 Total operating expenses 1,024,590 938,410 Income tax expense Net income $ 938,410 1