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 37000 for January, 57,000 for February, and 47000 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 12% of sales dollars $23,000 per month 12% of sales dollars $ 79,00 per month $ 49,000 per mont 10% annually on a $270,000 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