Check my work Phoenix Company's 2017 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units $3,600,000 160.ee PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($48,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense 300,000 198,000 215,000 1,977,000 1,623,00 80.000 112,090 279.000 462.ee 125.000 261,000 100.000 486,000 675, een Tecome from operations $ Phoenix Company's actual Income statement for 2017 follows 54,353, eee PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2017 Sales (19,000 units) Cost of goods sold Direct materials $1,250,000 Direct labor 198,00 Machinery repairs (variable cost) 67,000 Depreciation-Plant equipment (straight-line) 300.ee Utilities (fixed cost is $147,000) 203.500 Plant management salaries Gross profit Selling expenses Packaging 92,750 Shipping 125,000 Sales salary (annual) 289.000 General and administrative expenses Advertising expense 132,000 Salaries 261.000 Entertainment expense 103,500 Income from operations 3,00 2,263, 506.75 496,500 $1,106,250 6 of 10 Next > pe here to search 20 Check my work Required: 1. Prepare a flexible budget performance report for 2017 PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2017 Flexible Budget Actual Results Variances Fav. Unfav. Fbed costs upe here to search