! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,200 units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income $ 3,040,000 988,000 228,000 45,600 295,000 202,000 228,000 253,000 454,400 194,000 $ 152,000 Phoenix Company reports the following actual results. Actual sales were 18,200 units. Sales (18,200 units) Costs $ 3,685,500 Direct materials $ 1,197,560 Direct labor 280,280 Sales staff commissions 45,500 Depreciation-Machinery 295,000 Supervisory salaries 214,000 Shipping 264,810 Sales staff salaries (fixed annual amount) 270,000 Administrative salaries 461,400 Depreciation-Office equipment 194,000 Income 462,950 Required: Prepare a flexible budget performance report for the year. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance. For Year Ended December 31 Variable costs Fixed costs PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,200 units) Actual Results (18,200 units) Variances Favorable or Unfavorable