ok nt ences Fortune, Inc., 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 forecasted at 35,000 for January, 55,000 for February, and 45,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions Rent Advertising office salaries Depreciation Interest Tax rate 12% of sales dollars $22,000 per month 15% of sales dollars $70,000 $54,000 per month per month 131 annually on a $270,000 note payable 40% Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Operating expenses Sales: Cost of goods sold