Required Informatlon [The following Information applies to the questions displayed below. Phoenlx Company's 2017 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 15,000 unlts PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 sales Cost of goods sold $3,eee,e00 Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) utilities ($68,e is variable) Plant management salaries $93e,eee 240,8ee 60,00 330,80e 21e,eee 18e,eee 1,95e,e00 Gross profit Selling expenses 1,e5e,e00 Packaging Shipping Sales salary (fixed annual amount) 90,00 90,00 235,eee 415,800 General and administrative expenses Advertising expense Salaries Entertainment expense 150,eee 241,eee 80,0e0 471.000 Income from operations $ 164,e00 4. An unfavorable change In business Is remotely possible; In this case, production and sales volume for 2017 could fall to 12,000 units. How much Income (or loss) from operations would occur If sales volume falls to this level? (Enter any loss with mlnus sign.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss) 15,000 12,000