Exercise $7-24($Static$)$ Budgeted income statement LO P$3$

Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $$25$ per unit. Sales $($in units$)$ are budgeted at $150,000$ for the first quarter. Cost of goods sold is $$14$ per unit. Other expense information for the first quarter follows.

$\backslash$table$[[$Sales Commissions,$8\%,$of sales dollars$],[$Rent$,$$$42,000,$per quarter$],[$Advertising$,$$$562,500,$per quarter$],[$Office salaries,$$225,000,$per quarter$],[$Depreciation$,$$$120,000,$per quarter$],[$Interest$,1\mathrm{.}25\%,$quarterly on $$250,000$ note payable$],[$Tax rate,$30\%,]]$

Prepare a budgeted income statement for the first quarter ended March $31.$

Note: Round your intermediate and final answers to the nearest whole dollar.

$\backslash$table$[[$FORTUNE$,$ INCORPORATED,$],[$Budgeted Income Statement,$],[$For Quarter Ended Marth $31,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,]]$