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 157,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Prepare a budgeted income statement for the first quarter ended March 31

Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 10% $ 47,000 $ 500,000 $ 282,000 $ 110,000 1.25% 30% of sales dollars per quarter per quarter per quarter per quarter quarterly on $300,000 note payable FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses