HIP 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 Por Year Ended December 31, 2019 Sales $3,000,000 Cont of goods sold Direct materials $975,000 Direct labor 225,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line) 300,000 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 (ixed annual amount) 250,000 430,000 General and administrative expenses Advertising expense 125,000 Salaries 241,000 Entertainment expense 90,000 456,000 Income from operations $ 159,000 Fences Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY Statement of Indone from Operations For Year Ended December 31, 2019 Sales (18,000 units) $3,648.000 Cost of goods sold Direet materiala $1,185,000 Direct Labor 278,000 Machinery repairs (variable cost) 63,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities (fixed cost is $147.500) 200, 500 Plant management salaries 210.000 2.235.500 Gross profit Selling expenses 1,911,500 Packaging 07.500 shippina 118.500