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 $3,000,000 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) 195,000 Plant management salaries $975,000 225,000 60,000 300,000 200,0001,955,000 1,045,000 Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) 75,000 105,000 250,000 430,000 General and administrative expenses Advertising expense Salaries 125,000 241,000 90,000 456,000 $ 159,000 Entertainment expense Income from operation:s 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) 15,000 12,000 Contribution margin (per unit Contribution margin Fixed costs Operating income (loss)