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 $ 3.000.000 $ 975,000 68.000 se.ge Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation Plant equipment straight line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed nul mount) General and administrative expues Advertising expense 200.000 1,955,00 1,645,000 75.ee 195, Geo 250,00 Entertainment expense The from operations 456, 159.000 $ Phoenix Company's actual income statement for 2019 follows. $ 3,548,888 nces PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (18,000 units) Cost of goods sold Direct materials $1,185,00 Direct labor 278,000 Machinery repairs (variable cost) 63,800 Depreciation-Plant equipment (straight-line) 300,000 Utilities (fixed cost is $147,5ee) 200, 500 Plant management salaries 210,000 Grass profit Selling expenses Packaging 87,500 Shipping 118,500 Sales salary annual) 268,699 General and administrative expenses Advertising expense 132,008 Salaries 241, see Entertainment expense 93,568 Incore from operations 2,236,500 1,411, see 474, eee 466, See 471,899 $ Required: 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. Variable costs 0 0 1 Fixed costs