volume of 17,000 units. Cost of goods sold $4,250,000 1,020,000 255,000 51,000 Direct labor ation-Plant equipment (straight-line) 184,000 Gross profit 2,195,000 68,000 102,000 250,000 420,000 Salaries Entertainment expense 125,000 251,000 90,000 $1,309,000 $5,078,000 Cost of goods sold $1,216,000 308,000 52,000 315,000 186,250 Direct labor Utilities (fixed cost is $147,000) 40 77,750 267,000 133,000 Phoenix Company's actual income statement for 2017 follows. Sales (20,000 units) Cost of goods sold $5,078,000 $1,216,000 308,000 52,000 Depreciation-Plant equipment (straight-line) 315,000 186,250 Direct labor Machinery repairs (variable cost) ook Utilities (fixed cost is $147,000) 240,0002,317,250 2,760,750 int Gross profit Packaging 77,750 113,000 267,000 Sales salary (annual) 457,750 General and Salaries Entertainment expense 133,000 251,000 93,500 477,500 $1,825,500 Income from operations 1. Prepare a flexible budget performance report for 2017 Flexible Budget Performance Report s Fav. / Unfav le BudgetActual 1. Prepare a flexible budget performance report for 2017 PHOENIX COMPANY For Year Ended December 31, 2017 Actual Bu Fav