Required Information Problem 21-1A Preparing and analyzing a flexible budget LO P1, A1 [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. $3,300,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct naterials Direct labor Machinery repairs (variable cost) Depreciation Plant equipment (straight-line) Utilities ($45,202 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations $ 950,000 225,000 , 315,000 190, see 218, ege 1,95e,eee 1,358, eze 75, eee 90,000 235, 2e 420,ese 125, ege 241.000 75.000 441, eee $ 529, ege Problem 21-1A Part 4 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fell to 12000 units. How much income (or 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 units) 15.000 12,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income (ass)