Phoenix Company's 2017 master budget included the following fixed budget report. It is based volume of 15,000 units. $3,750,000 cos PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $825,000 Direct labor 225,000 Machinery repairs (variable cost) 30,000 Depreciation-Plant equipment (straight-line) 330,000 Utilities ($15,000 is variable) 165,000 Plant management salaries 230,000 Gross profit Selling expenses Packaging 45,000 Shipping 75,000 Sales salary (fixed annual amount) 250.000 General and administrative expenses Advertising expense 128,000 Salaries 241 000 Entertainment expense 100.000 Income from operations 1,805,000 1,945,000 370,000 4690.00 si, 106,000 Phoenix Company's actual income statement for 2017 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2017 Phoenix Company's actual income statement for 2017 follows. $4,548,000 PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2017 Sales (18,000 units) Cost of goods sold Direct materials $1,006,000 Direct labor 278,000 Machinery repairs (variable cost) 28,000 Depreciation-Plant equipment (straight-line) 330,000 Utilities (fixed cost is $147,500) 164,500 Plant management salaries 239.000 Gross profit Selling expenses Packaging 51,250 Shipping 82,500 Sales salary (annual) 266,000 General and administrative expenses Advertising expense 135,000 Salaries 241,000 Entertainment expense 103,500 Income from operations 2,045,500 2,502,500 ses 399,750 479,500 $1,623,250 Required: 1 Prenare a flexible hudnet nerformance renort for 2017 For Year Ended December 31, 2017 Foble Budget Actual Results Varandas Fantas Salos Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping 0 Fixed costs DepreciationPlant equipment (straight-line) Utilities Plant management salaries Sales salary Advertising expense Salaries Entertainment expense Total fixed costs 0 0 Income from operations