Cruz, Inc, is preparing its master budget for the first quarter of its calendar year. The following forecasted data relate to the first quarter: Unit sales: January............. 40,000 February.......... 60,000 March .............. 50,000 Unit sales price ......... $25 Cost of goods sold per unit ............ $14 Expenses: Commissions .......... 10% of sales Rent ............... $20,000/month Advertising ............. 15% of sales Office salaries .......... $75,000/month Depreciation ............ $50,000/month Interest ........... 15% annually on a $250,000 note payable Tax rate ........... 40% Instructions Prepare a budgeted income statement for the first quarter