Exercise 7-24 (Algo) Budgeted income statement LO P3 Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $2.5 per unit. Sales (in units) are budgeted at 158,000 for the first quarter. Cost of goods sold is $12 per unit Other expense information for the first quarter follows: Prepare a budgeted income statement for the first quarter ended March 31. Note: Round your intermediate and final answers to the nearest whole dollar. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ FORTUNE, INCORPORATED } \\ \hline \multicolumn{2}{|l|}{ Budgeted Income Statement } \\ \hline \multicolumn{2}{|l|}{ For Quarter Ended March 31} \\ \hline & \\ \hline & \\ \hline & \\ \hline \multicolumn{2}{|l|}{ Selling, general and administrative expenses } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & 0 \\ \hline & \\ \hline 1 & $ \\ \hline \end{tabular}