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 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $900,000 Direct labor 225,000 Machinery repairs (variable cost) 45.000 Depreciation Plant equipment straight-line) 315,000 Utilities ($30,000 is variable) 210,000 Plant management salaries 190.000 Gro profit Selling expenses Packaging 90,000 Shipping 90,000 Sales salary(fixed annual amount) 235,000 General and administrative expenses Advertising expense 150.000 Salaries 210,000 Entertainment expense 80.000 Income from operations 1.885,000 1, 265,000 415,000 460.000 190.000 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