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 Hent Advertising Office salaries Depreciation Interest Tax rate 10% of sales dollars 517,000 per month 14% of sales dollars $74,000 per month $51,000 per month 15% annually on a $280,000 note payable 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 Sales Cost of goods sold Gross profit Operating expenses Commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense 51000 222 000 153,000