Check Exercise 20-34 Budgeted income statement LO P3 Fortune, Inc., 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 forecasted at 38,000 for January, 58,000 for February, and 48,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions Rent Advertising office salaries Depreciation Interest Tax rate 94 of sales dollars $17.000 per month 141 of sales dollars $ 74,000 per month $ 52,000 per month 126 annually on a $260,000 note payable 300 Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) FORTUNE, INC Budgeted Income Statement For Quarter Ended March 31 Operating expenses 0 $ 0