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. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,150,000 Cost of goods sold Direct materials $960,000 Direct labor 225,000 Machinery repairs (variable 60,000 cost) Depreciation-Plant equipment (straight-line) 315,000 Utilities ($60,000 is variable) 210,000 Plant management salaries 180,000 1,950,000 Gross profit 1,200,000 Selling expenses Packaging 90,000 Shipping 90,000 Sales salary (fixed annual 235,000 amount) 415,000 General and administrative expenses Advertising expense 100,000 Salaries 230,000 Entertainment expense 90,000 420,000 Income from operations $365,000 An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could all to 12.000 units. How much Income for loss) from operations would occur if sales volume falls to this level? (Enter ny loss with minus sign.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15,000 12,000 Contribution margin per unit) Contribution margin Fixed costs Operating income loss)