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 155,000 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. Note: Round your intermedlate and final answers to the nearest whole dollar. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ FORTUNE, INCORPORATED } \\ \hline \multicolumn{4}{|c|}{ Budgeted Income Statement } \\ \hline \multicolumn{4}{|c|}{ For Quarter Ended March 31} \\ \hline Sales & & & $3,875,000 \\ \hline Cost of goods sold & 0 & & 1,860,000 \\ \hline Gross profit & 2 & & 2,015,000 \\ \hline \multicolumn{4}{|c|}{ Seling. general and administrative expenses } \\ \hline Sales commissions expense & & $387,5000 & \\ \hline Rent expense & & 43,000 & \\ \hline Advertising expense & & 568,000 & \\ \hline Office salaries expense & 0 & 257,000 & \\ \hline \multirow[t]{2}{*}{ Accumulated depreciation } & & 118,0000 & \\ \hline & & & 1,373,500 \\ \hline Income before taxes & & & 641,500 \\ \hline Interest expense & & & 3,750 \\ \hline Net income & & & $637,750 \\ \hline \end{tabular}