Exercise 22-18 Merchandising: Budgeted income statement LO P2 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 44,000 for January, 64,000 for February, and 54,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. 10% of sales Commissions Rent $25,000 per month Office salaries $79,000 per month Depreciation $51,000 per month Interest Tax rate 14% annually on a $300,000 note payable 40% Prepare a budgeted income statement for this first quarter