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Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $ 2 5 per

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.
\table[[Sales Commissions,8% of sales dollars,],[Rent,$42,000,per quarter],[Advertising,$562,500,per quarter],[Office salaries,$225,000,per quarter],[Depreciation,$120,000,per quarter],[Interest,1.25%,quarterly on $250,000 note payable],[Tax rate,30%,]]
Prepare a bdgeted income statement for the first quarter ended March 31.
Note: Round your intermediate and final answers to the nearest whole dollar.
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