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! Required Information Problem 21-1A Preparing and analyzing a flexible budget LO P1, A1 [The following information applies to the questions displayed below.} 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. $3,150,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities (560,000 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 $ 945,000 240,000 60,000 315,000 210,980 200,880 1,970,989 1,180,000 75,000 99,900 235,989 480,000 5 150,000 230,000 88,888 460,000 $ 320,000 Problem 21-1A Part 1&2 Required: 1&2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Variable Amount Total Fixed Cost Flexible Budget for: Units Sales Unit Sales of of 14,000 16,000 per Unit Variable costs 0.00 Foxed costs O Required Information Problem 21-1A Preparing and analyzing a flexible budget LO P1, A1 (The following information applies to the questions displayed below.] 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. $3,158,00 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($68,888 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 $.945, eee 240,eee 60, eee 315, eee 210, eee 200, gee 1,978, eee 1,188,888 75,000 90,000 235,000 488,888 150,000 230,000 80,000 460,800 $ 320,000 Problem 21-1A Part 1&2 Required: 1&2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Variable Amount Total Fixed per Unit Cost Flexible Budget for: Units Sales Unit Sales of of 14,000 16,000 0.00 Fooed costs Required Information Problem 21-1A Preparing and analyzing a flexible budget LO P1, A1 [The following information applies to the questions displayed below] 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. $3,150,00 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Depreciation-Plant equipment (straight-line) Machinery repairs (variable cost) Utilities Gross profit Plant management salaries Selling expenses Shipping Sales salary (fixed annual amount General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations $ 945,00 240,00 60, eee 315,800 210,000 200,000 Plantes ($68,eee is variable) 1970 000 1,180,000 Packaging $,eee 90,000 235, eee 400,000 15e,eee 230,000 Beeee 460,000 32 Problem 21-1A Part 3 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. The company president is confident that this volume is within the relevant range of existing capacity. How much would operating income increase over the budgeted amount of $320 000 if this level is reached without increasing capacity? PHOENIX COMPANY Forecasted Contribution Anton Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15,000 18.000 Contribution margin (per unit) Contribution margin Faced costs Operating income Required Information Problem 21-1A Preparing and analyzing a flexible budget LO P1, A1 (The following information applies to the questions displayed below] 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, $3,158,eee PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($60,088 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 $ 945, eee 240, eee 6, 315, eee 21e, eee 200,eeg 1,970,000 1,180,000 75, een 90,000 235,000 400,000 150,000 230,000 80 000 460,000 320,000 Problem 21-1A Part 4 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 fails to this level? (Enter any loss with minus slgn.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15.000 12.000 Contribution margin (per unit) Contribution margin Foced costs Operating Income (loss)