Required information 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. ad below) PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $3,000,000 Cost of goods sold Direct materials $915,000 Direct labor 240,000 Machinery repairs (variable cost) 60,000 Depreciation Plant equipment (straight-line) 300,000 Utilities ($45,000 is variable) 180,000 Plant management salaries 190,000 1,885,000 Gross profit 1,115,000 Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 415,000 General and administrative expenses Advertising expense 150,000 Salaries 230,000 Entertainment expense 75.000455,000 Income from operations $ 245,000 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.) PHOENIX COMPANY NE Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 15 ml INN INN 300,000 180,000 190,000 1,885,000 1.115.000 Depreciation Plant equipment straight-line) Utilities ($45,000 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 75,000 105,000 235,000 415,000 150.000 230,000 75,000 455,000 245.000 $ 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.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) 15.000 12.000 Contribution margin (per unit) $ 103.00 $ 103.00 Contribution margin $ 1,545,000 $ 1.236.000 Fored costs 1,380,000 1.360,0 Operating income (loss) $ 185,000 (124.000