Phoenix Companys 2013 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2013 Sales $ 3,825,000 Cost of goods sold Direct materials $ 975,000 Direct labor 240,000 Machinery repairs (variable cost) 75,000 Depreciationplant equipment 300,000 Utilities ($45,000 is variable) 205,000 Plant management salaries 230,000 2,025,000 Gross profit 1,800,000 Selling expenses Packaging 85,000 Shipping 115,000 Sales salary (fixed annual amount) 260,000 460,000 General and administrative expenses Advertising expense 132,000 Salaries 261,000 Entertainment expense 100,000 493,000 Income from operations $ 847,000 Phoenix Companys actual income statement for 2013 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2013 Sales (20,000 units) $ 4,563,000 Cost of goods sold Direct materials $ 1,163,059 Direct labor 291,353 Machinery repairs (variable cost) 80,235 Depreciationplant equipment 300,000 Utilities (fixed cost is $157,500) 209,441 Plant management salaries 240,000 2,284,088 Gross profit 2,278,912 Selling expenses Packaging 98,000 Shipping 127,794 Sales salary (annual) 279,000 504,794 General and administrative expenses Advertising expense 140,000 Salaries 261,000 Entertainment expense 103,500 504,500 Income from operations $ 1,269,618 Required: 1. Prepare a flexible budget performance report for 2013. (Do not round intermediate calculations.)

Here is the format in which they want:

Flexible budget actual results variances fav/unfav

sales

dirrect materials

direct labor

production supplies

sales commissions

packaging

shipping

machinery repairs

total variable costs

contribution margin

fixed costs

plant management salaries

advertising

sales salary

depreciation-plant equip

insurance

utilities

salaries

entertainment expense

income from operations

gross profit