1of3 Required information (The following information applies to the questions displayed below] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 201 Sales $3,000,000 Cost of goods sold elo Direct materials $960,000 Direct labor 240,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line) 315,000 Pr Plant management salaries Utilities ($30,000 is variable) 100,000 200,000 1,955,000 Gross profit 1,045,000 Selling expenses eferences Packaging 50,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 450,000 General and administrative expenses Advertising expense 125,000 241,000 Selaries Entertainment expense 35,000 451,000 164,000 Income from operations Required: 182. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed.