[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 15,300 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,060,000 Costs Direct materials 994,500 Direct labor 244,800 Sales staff commissions 45,900 DepreciationMachinery 295,000 Supervisory salaries 200,000 Shipping 244,800 Sales staff salaries (fixed annual amount) 252,000 Administrative salaries 438,000 DepreciationOffice equipment 192,000 Income $ 153,000 Problem 8-1A (Algo) Preparing and analyzing a flexible budget LO P1 Required: 1&2. Prepare flexible budgets at sales volumes of 14,300 and 16,300 units. 3. The companys business conditions are improving. One possible result is a sales volume of 18,300 units. Prepare a simple budgeted income statement if 18,300 units are sold