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 151,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Rent 10% of sales dollars per quarter Sales Commissions $ 49,000 Advertising $ 580,000 per quarter Office salaries $ 258,000 per quarter Depreciation $110,000 per quarter Interest 1.75% quarterly on $220,000 note payable 30% Tax rate Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the 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 Sales commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense Net income < Prev 9 of 13 Next > 0 12