Exercise 20-34 Budgeted income statement LO P3 9 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 42,000 for January, 62,000 for February, and 52,000 for March. Cost of goods sold is $12 per unit. Other expense Information for the first quarter follows. eBook Commissions Rent Advertising oftice salaries Depreciation Interest Tax rate 98 of males dollars $ 24,000 per month 141 of sales dollars $ 72,000 per month $ 52,000 per month 138 annually on a $270,000 note payable Hint 401 Print Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) References FORTUNE, INC Budgeted Income Statement For Quarter Ended March 31 Operating expenses 0 0