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 15,100 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,020,000 Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income 996,600 211,400 60,400 305,000 202,000 211,400 248,000 442,200 192,000 $ 151,000 Phoenix Company reports the following actual results. Actual sales were 18,100 units. $ 3,665,250 Sales (18,100 units) Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 1,209,080 260, 640 63,350 305,000 212,000 245, 255 268,000 449,200 192,000 460,725 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance.) PHOENIX COMPANY Flexible Budget Performance Report Flexible Actual Budget Results For Year Ended December 31 Variances Favorable/Unfavorable (18,100 (18,100 units) units) Variable costs 0 0 Fixed costs