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,eee PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) 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 $ 975, eee 218, eee 45, eee 338, eee 188, eee 208, eee 1,948, eee 1,368, eee 75, eee 105,cee 235,000 415,80 125,000 241, eee 89, eee 446,080 $ 499, eee 3. The company's business conditions are Improving. One possible result is a sales volume of 18,000 units. The company president is confident that this volume is within the relevant range of existing capacity. How much would operating Income Increase over the budgeted amount of $499,000 if this level is reached without increasing capacity? PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15,000 18.000 Contribution margin (per unit) Contribution margin Fixed costs Operating income