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Required information 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 $915,000 Direct labor 210,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line) 300,000 Dilities 1545,000 ls variable) 180,000 Plant Management salaries 190.000 Cross profit Selling expenses Packaging 75,000 Shipping 90.000 sales salary (tixed annual amount 235,000 General and administrative expenses Advertising expense 100,000 Salaries 241,000 Entertainment expense 75,000 Inoose from operations 1.835,000 1.295,000 400,000 416,000 $ 479.000 Required: 182. 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, 2010 Flexible Budget Flexible Budget for 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 $915,000 Direct labor 210,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($45,000 is variable) 180,000 Plant management salaries 190,000 Gross profit Selling expenses Packaging 75,000 Shipping 90,000 Sales salary (fixed annual amount) 235,000 General and administrative expenses Advertising expense 100,000 salaries 241,000 Entertainment expense 75,000 Income from operations 1,855,000 1,295,000 400,000 416,000 $ 479,000 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 $479,000 If this level is reached without increasing capacity? PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15,000 18,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income mework 0 Seved $3,150,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials $915,000 Direct labor 210,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment straight-line) 300,000 Utilities ($45,000 is variable) 180,000 Plant Management salaries 190,000 Gross profit Selling expenses Packaging 75,000 Shipping 90,000 Sales salary (fixed annual amount) 235,000 General and administrative expenses Advertising expanse 100,000 Salaries 241,000 Entertainment expense 25,000 Incone from operations 1,855,000 1,295,000 400,000 416.000 $ 479,000 4. An unfavorable change in business is remotely possible in this case, production and sales volume for the year could foll to 12,000 units. How much Income for loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in unita) 15,000 12.000 Contribution margin ter unit) Contribution margin Fixed costs Operating income (los)
