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 41,000 for January, 61,000 for February, and 51,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		9	%	of sales dollars
Rent	$	20,000		per month
Advertising		13	%	of sales dollars
Office salaries	$	77,000		per month
Depreciation	$	53,000		per month
Interest		12	%	annually on a $250,000 note payable
Tax rate		30	%

Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.)

FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Operating expenses 0 $ 0