Fortune Incorporated is preparing its master budget for the first quarter. The company sells a...
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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 155,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for the first quarter ended March 31. Note: Round your intermediate and final answers to the nearest whole dollar. FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 \begin{tabular}{|l|l|l|} \hline & & \\ \hline Selling, general and administrative expenses & & \\ \hline & & \\ \hline \\ \hline \end{tabular}
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