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 $3,000,000 Cost of goods sold Direct materials $915,000 Direct labor 225,000 Machinery repairs (variable cost) 45,000 Depreciation-Plant equipment (straight- 315,000 line) Utilities ($45,898 is variable) 195,000 Plant management salaries 200,000 1,895,000 Gross profit 1,105,000 Selling expenses Packaging 75,000 Shipping 90,000 Sales salary (fixed annual amount) 235,000 400,000 General and administrative expenses Advertising expense 125,000 Salaries 241,000 Entertainment expense 90,000 456,000 Income from operations $ 249,000 4. An unfavorable change in business is remotely possible in this case, production and sales volume for 2017 could fail to 12.000 How much income for loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.) 12,000 PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales in units) 15,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss)