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. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials. $3,300,000 $900,000 Selling expenses Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Packaging 210,000 60,000 300,000 180,000 200,000 1,850,000 1,450,000 90,000 Shipping 90,000 Sales salary (fixed annual amount) 235,000 415,000 General and administrative expenses Advertising expense 125,000 Salaries Income from operations 241,000 Entertainment expense 80,000 446,000 $589,000 An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fall to 12,000 ts. 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 C $ 54 4 #3 E LLI , < Prev MacBook Pro G Search or type URL % de 5 66 & Next > tv A * 7 8 R T Y U C H 61 K 0 Ai 0 General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations Saved 125,000 241,000 80,000 446,000 $585,000 Help $ 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for the year 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, 2019 Sales (in units) Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss) D W S #3 E LLI 15,000 $ 4 A 10 12,000 < Prev 3 Next > atv A MacBook Pro G Search or type URL 25 % & 6 7 8 9 R T Y U Ai 01 0 D F G H J K L