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 98 of sales dollars $ 17,000 per month 148 of sales dollars $ 74,000 per month $ 52,000 per month 124 annually on a $260.000 note payable 308 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