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

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Accounting

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 156,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.
\table[[Sales Commissions,10%,of sales dollars],[Rent,$47,000,per quarter],[Advertising,$542,000,per quarter],[Office salaries,$275,000,per quarter],[Depreciation,$118,000,per quarter],[Interest,1.50%,quarterly on $260,000 note payable],[Tax rate,40%,]]
Prepare a budgeted income statement for the first quarter ended March 31.(Round your intermediate and final answers to the nearest whole dollar.)
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