Need help with the following accounting problem.

Problem 23-2A Preparation and analysis of a flexible budget performance report LO P1, P2, A1 Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units. $3,400,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $1,105,000 Direct labor 255,000 Machinery repairs (variable cost) 34,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($17,000 is variable) 167,000 Plant management salaries 215,000 Gross profit Selling expenses Packaging 51,000 Shipping 85,000 Sales salary (fixed annual amount) 260,000 General and administrative expenses Advertising expense 131,000 Salaries 251,000 Entertainment expense 90,000 Income from operations 2,076,000 1,324,000 396,000 472,000 $ 456,000 Phoenix Company's actual income statement for 2017 follows. $4,078,000 PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2017 Sales (20,000 units) Cost of goods sold Direct materials $1,315,000 Direct labor 309,000 Machinery repairs (variable cost) 31,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities (fixed cost is $147,500) 166,500 Plant management salaries 225,000 Gross profit Selling expenses Packaging 58,000 Shipping 92,500 Sales salary (annual) 276,000 General and administrative expenses Advertising expense 139,000 Salaries 251,000 Entertainment expense 93,500 Income from operations 2,346,500 1,731,500 426,500 483,500 821,500 $ 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. Variable costs Fixed costs