! 3 Part 1 of 3 20 points eBook Print 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. Sales Cost of goods sold Direct materials Direct labor PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($30,000 is variable) Plant management salaries Gross profit Selling expenses $3,150,000 $ 945,000 225,000 45,000 315,000 210,000 210,000 1,950,000 References 1,200,000 Packaging 90,000 Shipping 90,000 Sales salary (fixed annual amount) 235,000 415,000 Advertising expense Entertainment expense General and administrative expenses Salaries Income from operations 150,000 241,000 80,000 471,000 $ 314,000 Required: 1&2. 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.