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 Selling expenses Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Utilities ($60,000 is variable) Depreciation-Plant equipment (straight-line) Plant management salaries Gross profit Packaging $3,300,000 $945,000 210,000 60,000 315,000 210,000 210,000 1,950,000 1,350,000 75,000 Shipping 90,000 Sales salary (fixed annual amount) 235,000 400,000 General and administrative expenses Advertising expense 150,000 Salaries 241,000 Entertainment expense Income from operations 80,000 471,000 $ 479,000