Section 3 v1 Elroy Co. has prepared the following flxed budget for the year, assuming production and sales of 30,000 units. This level of production represents 80% of capacity. ELROY CO Fixed Budget For Year Ending December 31 Sales $1,500,000 Cost of goods sold: Direct materials Direct labor Indirect materials (variable) Indirect labor (variable) Depreciation Salaries Utilities (80% fixed) Maintenance (40% variable) $540,000 300,000 15,000 21,000 180,000 90,000 54,000 33,000 1,233,000 267,000 Gross profit Operating expenses: Commissions Advertising (fixed) Wages (variable) Rent Total operating expenses $45,000 60,000 15,000 30,000 150,000 $117,000 Income from operations Calculate the following flexible budget amounts at the indicated levels of capacity Operations at 55% of Capacity Operations at 70% of Capacity Sales Total variable costs Total fixed costs Income from operations