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 158,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising 9% of sales dollars $ 41,000 per quarter per quarter per quarter $ 598,000 per quarter Office salaries $ 299,000 $ 145,000 Interest 1.50 quarterly on $220,000 note payable 40% Depreciation Tax rate 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 0 $ 0