A manufacturer reports the following costs to produce 10.000 units in its first year of operations: direct materials, $10 per unit, direct labor, $6 per unit, variable overhead, $70,000, and fixed overhead, $120,000 of the 10,000 units produced, 9,200 were sold, and 800 remain in inventory at year-end Under absorption costing, the value of the inventory is Multiple Choice O $12,000 $400 $3000 0 $23.400 50400 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 158,000 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 of sales dollars per quarter 10% $ 43,000 $ 600,000 per quarter $223,000 per quarter $131,000 per quarter 1.50% quarterly on $240,000 note payable 40% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses 0 $ D