Nature's Way in Green Bay, WI is preparing its master budget for the $1$st quarter. Assume Nature's Way sells only a single product. The price of that product is $$25$ per unit. Sales $($in units$)$ are forecasted as follows: $41,000$ for January, $61,000$ for February, and $51,000$ for March. Cost of goods sold is $$12$ per unit. Other expense information for the $1$st quarter is below:

Commissions $11\%$ of sales dollars

Rent $ $20,000$ per month

Advertising $13\%$ of sales dollars

Office salaries $ $71,000$ per month

Depreciation $ $53,000$ per month

Interest $11\%$ annually on a $$220,000$ note payable

Tax rate $40\%$

Prepare a budgeted income statement for this first quarter. HINT $-$ You are not making an income statement for only one month. Rather it is for a $3-$month period.