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 158,000 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. (Round your intermediate and final answers to the nearest whole dollar.)
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