Problem 21-1A Preparation and analysis of a flexible budget LO P1 The following information applies to the questions displayed below Phoenix Company's 2017 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, 2017 Sales Cost of goods sold $3,150,000 Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries $960,000 210,000 45,000 315,000 195,000 190,000 1915,000 Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) 90,000 105,000 235,000 430,000 General and administrative expenses Advertieing expense Salaries Entertainment expense 100,000 230,000 90,000 420,000 385,000 Income from operations Problem 21-1A Part 1&2