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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 $25 per unit Sales (in units) are budgeted at 158,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense Information for the first quarter follows Sales Commissions 126 of sales dollara Rent $ 42,000 per quarter Advertising $ 549,000 per quarter office salaries $ 264,000 per quarter Depreciation $ 144,000 per quarter Interest 2.000 terly on $280,000 note payable Tax rate 305 Prepare a budgeted Income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross profit Selling general and administrative expenses Sales commissions expense Rent expense Advertising expens $ 3,525,000 1,692.000 1,833.000 idi. FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Sales $ 3,525,000 1,692,000 1,833,000 Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Rent expense Advertising expense Office salaries expense Depreciation expense Interest expense Equipment Income before taxes Income taxes payable 1,833,000 $ 1,833,000 Net income