Exercise 20-24 (Algo) Budgeted income statement LO P3 Fortune Incorporated 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 budgeted at 156,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising $ 46,000 8% of sales dollars per quarter $ 560,000 Office salaries $ 276,000 per quarter per quarter Depreciation $ 138,000 Interest Tax rate per quarter 1.25% quarterly on $260,000 note payable 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses