Fortune Incorporated is preparing its master budget for the first quarter. The company...
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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 157,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 9% of sales dollars $ 43,000 per quarter $ 510,000 per quarter $ 225,000 per quarter $ 111,000 per quarter 1.50% quarterly on $290,000 note payable 40% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses
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