Required information Use the following information for the Problems below. (Algo) [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 $ 3,171,000 Costs Direct materials 966,400 Direct labor 226,500 Sales staff commissions 45,300 Depreciation-Machinery 300,000 Supervisory salaries 204,000 Shipping 226,500 Sales staff salaries (fixed annual amount) Administrative salaries 251,000 600,750 Depreciation-office equipment 192,000 Income $158,550 Problem 8-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18.100 units. Sales (18,100 units) Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries) $ 3,846,2501 $ 1,172,880 278,740 45,250 300,000 219,000 Problem 8-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,100 units) Costs Direct materials Direct labor $ 3,846,250 $ 1,172,880 278,740 Sales staff commissions 45,250 Depreciation-Machinery 300,000 Supervisory salaries 219,000 Shipping 263,355 Sales staff salaries (fixed annual amount) Administrative salaries 269,000 609,750 Depreciation-Office equipment 192,000 Income 496,275 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.) For Year Ended December 31 PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,100 units) Actual Results Variances Favorable/Unfavorable: (18,100 units) Variable costs Income 496,275 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.) For Year Ended December 31 PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,100 units) Actual Results (18,100 units) Variances Favorable/Unfavorable Variable costs Fixed costs 0 0