Merchandising: Budgeted income statement Fortune, Inc., is preparing its master budget for the first quarter....
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Merchandising: Budgeted income statement 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 45,000 for January, 65,000 for February, and 55,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for this first quarter
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