P.S. Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:

• The budgeted selling price per unit is $85. Budgeted unit sales for January, February, March, April and May are 12,000; 13,100; 13,600; 14,200; and 13,800 units, respectively. All sales are on credit.
• Regarding credit sales, 25% are collected in the month of the sale and 75% in the following month.
• The ending finished goods inventory equals 10% of the following month's sales.
• The ending raw materials inventory equals 20% of the following months raw materials production needs. Each unit of finished goods requires 3 pounds of raw materials. The raw materials cost $2.00 per pound.
• Regarding raw materials purchases, 20% are paid for in the month of purchase and 80% in the following month.
• The direct labor wage rate is $10.00 per hour. Each unit of finished goods requires 0.5 direct labor-hours.
• Manufacturing overhead is entirely variable and is $4.00 per direct labor-hour.
• The variable selling and administrative expense per unit sold is $2.50. The fixed selling and administrative expense per month is $17,400.

P.S. Corporation also needs help preparing the budgeted income statement for March:

1. What is the estimated sales for March?
2. What is the estimated COGS for March?
3. What is the estimated selling and administrative expense for March?
4. What is the estimated net operating income (loss) for March?