Phoenix Company's 2015 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fxed Budget Report For Year Ended December 31, 2015 S 3,000,000 Sales Cost of goods sold $ 975.000 Direct materials Direct labor Machinery repairs (variable cost) Depreciation-plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries 225,000 45,000 300,000 195,000 190,000 1,930,000 Gross profit Selling expenses 1,070,000 Packaging Shipping Sales salary (fixed annual amount) 90,000 05,000 235,000 430,000 General and administrative expenses Advertising expense Salaries Entertainment expense 150,000 230,000 85,000 465,000 Income from operations $ 175,000