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 36,000 for January, 56,000 for February, and 46,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. % of sales dollars Commissions Rent Advertising Office salaries $24,600 per month 19% of sales dollars 71,800 per month 47,000 per month Depreciation Interest Tax rate 1e% annually on a $248,800 note payable 40% Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) Budgeted Income Statement For Quarter Ended March 31 Operating expenses
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