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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, 2019 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 Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY Statement of Income from Operations 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 200,500 $147,500) 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: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) X Answer is not complete. PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Actual Budget Results Variances 3,600,000 3.648.000 $ 48,000 Fav. / Unfav. Favorable Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping Ssssss 1,170,000 270.000 72,000 54,000 90,000 126,000 0 1,782,000 1,185,000 278,000 63,000 53,000 87,500 118,500 15,000 8,000 9,000 1,000 2,500 7,500 Unfavorable Unfavorable Favorable Favorable Favorable Favorable Total variable costs 1,785,000 Unfavorable X Fixed costs DepreciationPlant equipment (straight-line) Utilities Plant management salaries Sales salary Advertising expense Salaries Entertainment expense 300,000 150,000 200,000 250,000 125,000 241,000 90,000 $9999 300,000 147,500 210,000 268,000 132,000 241,000 93,500 No variance 2,500 Favorable 10,000 Unfavorable 18,000 Unfavorable 7,000 Unfavorable No variance 3,500Unfavorable Ol888888 | 8 Solo Total fixed costs Income from operations 1,356,000 $ 462,000 1,392,000 $ 471,000 36,000 9,000 Unfavorable Favorable $