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 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold $3,150,000 Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight- 315,000 line) Utilities (545,000 is variable) Plant management salarieS $960,000 240,000 45,000 180,000 180,000 1,920,000 Gross profit Selling expenses 1,230,000 Packaging Shipping Sales salary (fixed annual amount) 90,000 105,000 235,000 430,000 General and administrative expenses Advertising expense 150,000 Salaries Entertainment expense 80,000 230,000 460,000 $ 340,000 Income from operations 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.) 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) Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss) 15,00012,000