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 153,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the firstrquarter follows.r
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Prepare a budgeted Income statement for the first quarter ended March 31. 

Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 18% $ 42,000 $ $13,000 $ 291,000 $ 113,000 of sales dollars per quarter per quarter per quarter per quarter 2.80% quarterly on $230,000 note payable 48%