Required Information The tollowing information apples to the questions displayed below] Phoenlx Company's 2017 master budget Included the following fixed budget report It is baedon an expected production Part 2of S and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 53,158,80 Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities (545,80 is variable) Plant nanagement salaries 975, 0ee 240,00 45,809 315,009 210,889 ees.00 1,145,00e Gross profit Selling expenses Packaging Sales salary (fixed annual amount) Advertising expense Entertainnent expense 75,888 185,600 415,06 General and adninistrative expenses 150,680 236,680 5. 455,e60 5 275,e00 Trcome from operations 3. The company's business conditions are Improving. One possible result is a sales volume of 18.000 unlts. The company presldent s confident that this volume Is within the relevant range of exlsting capacity. How much would operating Income Increase over the 2017 budgeted amount of $275.000 if this level Is reached without increasing capacity? Year Ended December 31, 2017 Sales (in units) Contribution margin (per unit) Contribution margin Fixed costs Operating income 15