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 38,000 for January, 58,000 for February, and 48,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		10	%	of sales dollars
Rent	$	22,000		per month
Advertising		11	%	of sales dollars
Office salaries	$	73,000		per month
Depreciation	$	52,000		per month
Interest		14	%	annually on a $260,000 note payable
Tax rate		40	%

Prepare a budgeted income statement for this first quarter. HINT - You are not making an income statement for only one month. Rather it is for a 3-month period. (Round your final answers to the nearest whole dollar.)

FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31