Exercise 20-34 Budgeted income statement LO P3 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. Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 8t of sales dollars $ 15,000 per month 124 of sales dollars $78,000 per month $ 54,000 per month 12+ annually on a $230,000 note payable 405 Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Operating expenses 0 $ 01