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Exercise 22-24 (Algo) Budgeted income statement LO P3 Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per uni Sales (in units) are budgeted at 160,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the firsi quarter follows. Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)