Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,000,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($30,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations $ 915,000 240,000 45,000 315,000 210,000 220,000 1,945,000 1,055,000 90,000 90,000 235,000 415,000 100,000 230,000 80,000 410,000 $ 230,000 For Year Ended December 31, 2019 Flexible Budget Variable Amount Total Fixed Cost Flexible Budget for: Units Sales Unit Sales of of 14,000 16,000 per Unit Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping Packaging 0.00 0 0 Total fixed costs Fixed costs $ 0 $ 0 $ 0