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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of S25 per unit. Sales

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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of S25 per unit. Sales (in units) are forecasted at 45,000 for January, 55,000 for February, and 50,000 for March. Cost of goods sold is S14 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for this first quarter

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