a 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 512 per unit. Other expense information for the first quarter follows Sales Commissions 10% of sales dollars Rent $ 44,000 per quarter Advertising $ 560,000 per quarter Office salaries $ 283,000 per quarter Depreciation $ 132,000 per quarter Interest 1.25% quarterly on $290,000 note payable Tax rate Prepare a budgeted income statement for the first quarter ended March 31 (Round your intermediate and final answers to the nearest whole dollar) Tax rate 40% Prepare a budgeted Income statement for the first quarter ended March 31 (Round your intermediate and final answers nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses 0 $ 0