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 $3,300,000 Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Utilities ($30,000 is variable) $930,000 240,000 45,000 Selling expenses Depreciation-Plant equipment (straight-line) Plant management salaries Gross profit Packaging 330,000 195,000 210,000 1,950,000 1,350,000 75,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 415,000 Ceneral and administrative expenses Advertising expense 125,000 Salaries 241,000 Entertainment expense Income from operations 80,000 446,000 $489,000