Required information (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 materials $975,000 Direct labor 210,000 Machinery repairs (variable cost) 45,000 Depreciation-Plant equipment (straight-line) 315,000 Utilities ($45,000 is variable) 195,000 Plant management salaries 190,000 Gross profit Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 General and administrative expenses Advertising expense 125,000 Salaries 230,000 Entertainment expense 90,000 Income from operations 1,930,000 1,370,000 415,000 445,000 510,000 Divad 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. Answer is not complete. PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Variable Total Fixed Amount per Cost Unit Flexible Budget for: Units Unit Sales of Sales of 14,000 16,000 Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping 0.00 0 0 Total variable costs Contribution margin Fixed costs olol DepreciationPlant equipment (straight-line) Utilities Plant management salaries Sales salary Advertising expense Salaries Entertainment expense $ 0 $ 0 $ 0 Total fixed costs Income from operations oo