Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units. $3,825,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $1,020,000 Direct labor 340, eee Machinery repairs (variable cost) 68,000 Depreciation-Plant equipment (straight- 315,000 line) Utilities ($51,eee is variable) 201,000 Plant management salaries 200,000 Gross profit Selling expenses Packaging 85,000 Shipping 119,000 Sales salary (fixed annual amount) 250,000 General and administrative expenses Advertising expense 128, eee Salaries 251,000 Entertainment expense 100,000 Income from operations 2,144,000 1,681,000 454,000 479,00 $ 748,000 Phoenix Company's actual income statement for 2017 follows. to search Saved Phoenix Company's actual income statement for 2017 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2017 Sales (20,000 units) $4,563,000 Cost of goods sold Direct materials $1,216,000 Direct labor 408,000 Machinery repairs (variable cost) 72,000 Depreciation-Plant equipment (straight- line) 315,000 Utilities (fixed cost is $147,500) 206,500 Plant management salaries 211,000 2,428,500 Gross profit 2,134,500 Selling expenses Packaging 97,750 Shipping 132,000 Sales salary (annual) 268, eee 497,750 General and administrative expenses Advertising expense 136,000 Salaries 251, eee Entertainment expense 103,500 490, 500 Income from operations $1,146,250 Required: 1. Prepare a flexible budget performance report for 2017 1 1 TITUT 1 1 1 1 1 1 1 1 1 Saved NNNNNN IT IT 1 1 1 THE III III TUTTI 1 1 1 1 1 1 1 1 TTTTTTTTT 1 1 1 1 L III. 1 1 1 1 1 1 TITUT ES 1 Fixed costs