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Required information [The following information applies to the questions displayed below.j 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 Cost of goods sold $3,000,000 Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-315 line) Utilities ($60,000 is variable) Plant management salaries $930,008 225, e00 45,000 195,00e 200,000 1,910,000 Gross profit Selling expenses 1,090,000 Packaging Shipping Sales salary (fixed annual amount) 75,880 90,000 235,006e 400,00e General and administrative expenses Advertising expense Salaries 125,006 230,000 80,000 Entertainment expense 435,008 $ 255,900 Income from operations 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for 2017 could fall to 12,000 units. How much income (or loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss) 15,000 12,000 $105.00 105.0 $1,575,000 1,260,000 1,320,000 1,320,000 $ 255,000 570,000