nt ences 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 160,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense Information for the first quarter follows. Sales Commissions 11% Rent $ 45,000 of sales dollars per quarter Advertising $ 524,000 per quarter Office salaries 5 288,000 per quarter Depreciation $ 109,000 per quarter Interest Tax rate 1.50% quarterly on $260,000 note payable 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your Intermediate and final answers to the nearest whole dollar.) FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses