Required Information 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. $3,150,000 1.975,000 1,175,000 PHOENIX COMPANY Tixed Budget Report Tor Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $930,000 Direct labor 240,000 Machinery repairs (variable coat) 60,000 Depreciation Plant equipment (otraight-line) 315,000 Utilities ($30,000 is variable) 210,000 plant management salaries 220,000 Crous profit Belling expenses Packaging 75.000 Shipping 105,000 Sales salary (xod annual amount) 235,000 General and administrative expenses Advertising expense 100,000 Salaries 241,000 Intertainment expense 85,000 Income from operations 415,000 426.000 $ 334,000 Problem 21-1A Part 4 Problem 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for 2017 could fall to 12,000 units. How much income (or loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.) 12,000 PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) 15,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss)