Exercise 22-34 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 45,000 for January, 55,000 for February, and 50,000 for March. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 8% of sales dollars $ 14,000 per month 15% of sales dollars $ 75,000 per month $ 40,000 per month 5% annually on a $250, 000 note payable 30% Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) FODTIINE INC Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) $ 3,750,000 2,100,000 1,650,000 FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Operating expenses Commissions expense $ 300,000 Rent expense 42,000 Advertising expense 562,500 Office salaries expense X Depreciation expense This is a numeric cell, so please enter numbers only. Interest expense Income tax expense 119,213 Income before taxes 2,621,338 -971,338 2 -971,340 Net income $