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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a...

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Accounting

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 41,000 for January, 61,000 for February, and 51,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions 9 % of sales dollars
Rent $ 18,000 per month
Advertising 13 % of sales dollars
Office salaries $ 72,000 per month
Depreciation $ 53,000 per month
Interest 13 % annually on a $240,000 note payable
Tax rate 30 %

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
0
$0

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