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 40,000 for January, 60,000 for February, and 50,000 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 10% of sales dollars $ 20,000 per month 14% of sales dollars $ 71,000 per month $ 53,000 per month 15% annually on a $200,000 note payable 30% 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