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6. BUDGETED INCOME STATEMENT: OutToGetYou, Inc. is preparing its master budget for the first quarter. The company sells a single product at a price of
6. BUDGETED INCOME STATEMENT: OutToGetYou, Inc. is preparing its master budget for the first quarter. The company sells a single product at a price of $35 per unit. Sales (in units) are budgeted at 240,000 for the first quarter. Cost of goods sold is $19 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Office Depreciation Interest Tax rate 10% of sales dollars $ 55,000 per quarter $ 539,000 per quarter $ 301,500 per quarter $ 97,400 per quarter 1.5% quarterly on $270,000 note payable 25% Prepare a budgeted income statement for the first quarter ended March 31. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period (Round your intermediate and final answers to the nearest whole dollar.)
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