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 42,000 for January, 62,000 for February, and 52,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions 11 % of sales

Rent $ 18,000 per month

Advertising 12 % of sales

Office salaries $ 78,000 per month

Depreciation $ 47,000 per month

Interest 11 % annually on a $260,000 note payable

Tax rate 30 %

I need the commisions exspense, advertising exspense, interrest expense and Income Tax expense #s

Would be nice to get how they were calculated as well

FORTUNE, INC.

Budgeted Income Statement

For Quarter Ended March 31

Sales $3,900,000

Cost of goods sold 1,872,000

Gross profit 2,028,000

Operating expenses

Commissions expense

Rent expense 54,000

Advertising expense

Office salaries expense 234,000

Depreciation expense 141,000

Interest expense

Total operating expenses 429,000

Income before taxes 1,599,000

Income tax expense

Net income $1,599,000