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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 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate $ 42, $ 562, $ 225, $ 120, of sales dollars e per q uarter per q uarter e per q uarter per q uarter 1.25% quarterly on $25,ae note payable 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 or Quarter Ended March 3 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation expense Rent expense Advertising expense Office salaries expense Interest expense Sales commissions expense ncome before taxes ncome tax expense et income