Fortune, Inc., is preparing its master budget for the first quarter. The company sells a...
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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 43,000 for January, 63,000 for February, and 53,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 8% of sales dollars $22,000 per month 15% of sales dollars $ 76,000 per month $54,000 per month 10% annually on a $290,000 note payable 40% 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
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