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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 $25 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 $25 per unit. Sales (in units) are budgeted at 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for the first quarter ended March 31. Round expense amounts to the dollar

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