3 Fortune Incorporated is preparing its master budget for the first quarter. The company sells...
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3 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. 13.33 points Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 95 of sales dollars $ 45,000 per quarter 6 508,000 per quarter $ 286,000 per quarter $ 125,000 per quarter 2.00 quarterly on $270,000 note payable 401 8 08:43:43 Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) Print FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling general and administrative expenses
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