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5 Part 1 of 3 142 points 8 024135 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 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,000,000 Cost of goods sold Direct materials $930,000 Direct labor 210,000 Machinery repairs (variable cost) 45,000 Depreciation Plant equipment (straight-line) 380,000 Utilities ($60,000 is variable) 180,000 Plant nanagement salaries 210,000 1,875,000 Gross profit 1,125,000 Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 415,000 General and administrative expenses Advertising expense 125,000 Salaries 241,000 Entertainment expense 30.000 446.000 Income from operations 264,000 eBook References Reguired: of 3 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. 04.4123 PHOENIX COMPANY Flexible Budgets For Yoar Ended December 31, 2019 Flexible Budget Variable Total Fixed Amount per Unit Cost Book Flexible Budget for Units Sales Unit Sales of 14,000 of 16,000 Terences Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping 0.00 0 0 Total variable costs Contribution margin Fixed costs Depreciation Plant equipment straight line) Utilities Plant management salaries Sales salary Advertising expense Salaries Entertainment expense $ ols 0 $ Total foxed costa Income from operations