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 PHOENX COMPANY Fixed Budget Report For Year Ended December 31, 2017 $3,000,000 Cost of goods sold Direct materials . Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable Plant management salaries 975,000 225,000 60,000 300,000 195,000 200,000 955,000 Gross profit Selling expenses ,045,000 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 S 159,000 Income from operations