Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. quarter follows. Sales (in units) are budgeted at 154,000 for the first quarter. Cost of goods sold Is $12 per unit. Other expense Information for the first Sales Commissions Rent 10% of sales dollars $ 42,000 Advertising per quarter $ 541,000 per quarter Book Office salaries $ 271, 000 per quarter Depreciation $ 124,000 per quarter Hint Interest 1.25% quarterly on $260,090 note payable Tax rate 30% Print Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the ferences 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 42 000 Rent expense 541.000 Advertising expense 271 000 Office salaries expense