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 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense Information for the first quarter follows Sales Commissions B of sales dollars Rent 542.000 per quarter Advertising 5 562,500 per quarter Office salaries $225,000 per quarter Depreciation $ 120,000 per quarter Interest 1.255 quarterly on $250,000 note payable 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.) 30 FORTUNE INCORPORATED Budgeted Income Statement For unior Ended March 31 Sales Cost of goods sold (Gross proft Selling, general and administrative expenses Sales commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense Interest expense 0 income before taxes income tax expense Net Income S 0