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 156,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Rent Advertising 9% of sales dollars per quarter Sales Commissions $ 44,000 $ 550,000 per quarter Office salaries $ 219,000 per quarter Depreciation $ 105,000 per quarter Interest Tax rate 1.25% quarterly on $280,000 note payable 40% Prepare a budgeted income statement for the first quarter ended March 31. Note: Round your intermediate and final answers to the nearest whole dollar.

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Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.