21.3

Phoenlx 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. 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fall to 12,000 units. How much Income (or loss) from operations would occur If sales volume falls to this level? (Enter any loss with minus sign.) \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ PHOENIX COMPANY } \\ \hline \multicolumn{2}{|c|}{ Forecasted Contribution Margin Income Statement } \\ \hline \multicolumn{2}{|c|}{ For Ended December 31, 2019 } \\ \hline Sales (in units) & 15,000 & 12,000 \\ \hline Contribution margin (per unit) & & \\ \hline Contribution margin & & \\ \hline Fixed costs & & \\ \hline Operating income (loss) & & \\ \hline \end{tabular}