A Company is preparing its budget for the next year.The following are forecasted data that relates to the first quarter:

Unit sales:

January ..40,000

February ..60,000

March .50,000

Unit sale price $25.00

Cost of goods sold/unit .$14.00

Expenses:

Commissions.$10% of sales

Rent.$20,000/month

Advertising..15% of sales

Office salaries$75,000/month

Depreciation.$50,000/month

Interest15% annual on a $250,000 note payable

Tax rate40%

Calculate budget amounts for each month:

January February March

Sales

Cost of Goods sold

Gross Profit

Operating Expenses

Commissions

Rent

Advertising

Office Salaries

Depreciation

Interest

Total Operating expenses

Income before taxes

Tax expense

Net Income