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 43,000 for January, 63,000 for February, and 53,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		9	%	of sales dollars
Rent	$	24,000		per month
Advertising		11	%	of sales dollars
Office salaries	$	78,000		per month
Depreciation	$	53,000		per month
Interest		11	%	annually on a $260,000 note payable
Tax rate		40	%

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 Sales Cost of goods sold Gross profit Operating expenses Commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense Interest expense Operating expenses Income before taxes Income tax expense Net income