Fortune inc is preparing its master budget for the first

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Reference no: EM13595524

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 42,000 for January, 62,000 for February, and 52,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions 11 % of sales
Rent $ 18,000 per month
Advertising 12 % of sales
Office salaries $ 78,000 per month
Depreciation $ 47,000 per month
Interest 11 % annually on a $260,000 note payable
Tax rate 30 %

Reference no: EM13595524

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