Check my work Exercise 20-34 Budgeted income statement LO P3 10 points 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. eBook Hint Print Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 8% of sales dollars $ 21,000 per month 15% of sales dollars $ 74,000 per month $ 52,000 per month 10% annually on a $240,000 note payable 40% References 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 Sales Operating expenses Commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense Interest expense Income taxes payable