Fortune Incorporated 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 160,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense Information for the first quarter follows Sales Comissions Rent Advertising Office salaries Depreciation Interest Tax rate 11% of sales dollars 42,000 per quarter $568,000 per quarter $ 219,000 per quarter $ 109,000 per quarter 1.25% quarterly on 5210,000 note payable 403 Prepare a budgeted income statement for the first quarter ended March 31 (Round your intermediate and final answers to the nearest whole dollar) Prepare a budgeted income statement for the first quarter ended March 31. (Round your interme nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Selling, general and administrative expenses 400,000 1,920,000 2.080,000 $ 440,000 45,000 524,000 288,000 109,000 3,900 670,100 2,080,000 0 0