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 154,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Sales Commissions	9%	of sales dollars
Rent	$ 46,000	per quarter
Advertising	$ 528,000	per quarter
Office salaries	$ 242,000	per quarter
Depreciation	$ 140,000	per quarter
Interest	1.25%	quarterly on $240,000 note payable
Tax rate	30%

Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)