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) Return to Answer is complete but not entirely correct. U pints $ 3,600,000 1,728,000 OX FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Operating expenses Commissions expense $ 288,000 Rent expense 63,000 Advertising expense 540,000 Office salaries expense 222,000 Depreciation expense 156,000 Interest expense 6,000 Advertising expense Total operating expenses Income before taxes Income tax expense 0 1,275,000 (1,275,000) 510,000 Net income -1,785,000