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Required information [The following information applies to the questions displayed below.) Phoenix Company's 2017 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, 2017 Sales $3,000,000 Cost of goods sold Direct materials $975,000 Direct labor 225,000 Machinery repairs (variable 60,000 cost) Depreciation-Plant equipment 300,000 (straight-line) Utilities ($45,000 is variable) 195,000 Plant management salaries 200,000 1,955,000 Gross profit 1,045,000 Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual 250,000 430,000 amount) General and administrative expenses Advertising expense 125,000 Salaries 241,000 Entertainment expense 90,000 456,000 Income from operations $ 159,000 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. Required: 1&2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all ite in the fixed budget as variable or fixed. Answer is not complete. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Flexible Budget Variable Total Amount Fixed per Unit Cost 200.00 Flexible Budget for: Units Unit Sales of Sales of 14,000 16,000 3,000,000% 2,600,000 975,000x Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping 65.00 15.00 4.00 3.00 5.00 7.00 975,000 99.00 101.00 Total variable costs Contribution margin Fixed costs Depreciation-Plant equipment (straight-line) Utilities Plant management salaries Sales salary Advertising expense Salaries Entertainment expense Sokkkkks oss ssssss 300,000 150,000 200,000 250,000 125,000 241,000 90,000 1,356,000 $ 0 $ Total fixed costs Income from operations 0 PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) 15,000 12,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) 15,000 18,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income For Year Ended December 31, 2019 Sales (18,000 units) $3,648,000 Cost of goods sold Direct materials $1,185,000 Direct labor 278,000 Machinery repairs (variable 63,000 cost) Depreciation-Plant equipment 300,000 (straight-line) Utilities (fixed cost is $147,500) 200,500 Plant management salaries 210,000 2,236,500 Gross profit 1,411,500 Selling expenses Packaging 87,500 Shipping 118,500 Sales salary (annual) 268,000 474,000 General and administrative expenses Advertising expense 132,000 Salaries 241,000 Entertainment expense 93,500 466,500 Income from operations $ 471,000 Required: - Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by se avorable, unfavorable, and No variance.) PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Actual Budget Results Fav. / Variances Unfav. Variable costs Fixed costs