Business, 11.02.2021 21:50 leasincobe4327

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 41,000 for January, 61,000 for February, and 51,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions 9% of sales dollars
Rent $22,000 per month
Advertising 12% of sales dollars
Office salaries $73,000 per month
Depreciation $47,000 per month
Interest 14% annually on a $210,000 note payable
Tax rate 30%

Required:
Prepare a budgeted income statement for this first quarter.

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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single prod...

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