00 Phoenix Company's 2019 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units. 1.25 points $3,825, eee eBook PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($34,600 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations $1,105,800 255, eee 51,888 300,000 194,000 230,880 2,135, eee 1,690, eee Print 68,888 102,800 270,888 References 440, eee 128,888 251,888 90,000 469, eee 781, eee Phoenix Company's actual Income statement for 2019 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (20,000 units) $4,563, eee Cost of goods sold Direct materials $1,315,880 Direct labor 307,000 Machinery repairs (variable cost) 52,888 Depreciation-Plant equipment (straight-line) 300,eee Utilities (fixed cost is $157,600) 196,250 Plant management salaries 239,800 2,489,25 Gross profit 2, 153,75 Selling expenses Packaging 78,888 Shipping 112, eee Sales salary (annual) 287,000 477, eee General and administrative expenses Advertising expense 136,880 Salaries 251,000 Entertainment expense 93,500 480,500 Income from operations $1,196,250 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and No varlance.) PHOENIX COMPANY points Required: 1. Prepare a flexible budget performance report unfavorable, and No varlance.) 2019. (Indicate the effect of each varlance by selecting for favorable, eBook PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Print Fav. / Unfav. References Variable costs Fixed costs