Phoenix Companys 2019 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units $3,600,000 PHOENIX CORPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct material Direct labor Machinery repairs (Variable cost). Depreciation Plant equipment (straight-line) Utilities (532,000 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 $1,040,000 320,000 48,000 330,000 182,000 230,000 2,150,000 1,450,000 64,000 96,000 250,000 410,000 131,000 241,000 100,000 472.000 $ 560.000 Phoenix Company's actual income statement for 2019 follows. $4,338,000 PHOENIX COMPANY Statuent of Tacome from Operation For Year Ended December 31, 2019 Sales (19,000 units) Cost of goods sold Direct materials $1,251,000 Direct labor 387,000 Machinery repairs (variable cost) 48,000 Depreciation Plant equipment (straight line) 30.NO Utilities (fixed cost is $147,000) 184,000 240,000 2.440,000 1,898,000 73,750 106,500 267,000 447,250 Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (annual) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations 139,000 241,000 103,500 483,500 $ 967,250 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Fav. / Unfav. Vanable costs Fixed costs