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Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,000,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials $945,000 Direct labor 210,000 Machinery repairs (variable cost) 45,000 DepreciationPlant equipment (straight-line) 330,000 Utilities ($30,000 is variable) 210,000 Plant management salaries 220,000 Gross profit Selling expenses Packaging 90,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 General and administrative expenses Advertising expense 100,000 Salaries 241,000 Entertainment expense 80,000 Income from operations 1,960,000 1,040,00 430,000 421,000 189,000 $ 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. The company president is confident that this volume is within the relevant range of existing capacity. How much would operating income increase over the budgeted amount of $189,000 if this level is reached without increasing capacity? PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15,000 18,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income Operating income increase . An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fall to 12,000 nits. How much income (or loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (in units) 15,000 12,000 Contribution margin (per unit) Contribution margin Fixed costs 1,386,000 1,386,000 Operating income (loss) $ 189,000 $ (126,000) Flexible Budget Variable Amount Total Fixed Cost Flexible Budget for: Units Sales Unit Sales of of 14,000 16,000 per Unit Variable costs Direct materials 63.00 882,000 196,000 Direct labor 14.00 3.00 Machinery repairs Utilities Packaging Shipping 2.00 1,008,000 224,000 48,000 32,000 96,000 112,000 42,000 28,000 84,000 98,000 6.00 7.00 Total variable costs 95.00 1,330,000 1,520,000 Fixed costs 330,000 330,000 180,000 180,000 DepreciationPlant equipment (straight-line) Utilities Plant management salaries Sales salary Advertising expense Salaries 220,000 235,000 220,000 235,000 100,000 241,000 330,000 180,000 220,000 235,000 100,000 241,000 100,000 241,000 80,000 Entertainment expense 80,000 80,000 Total fixed costs $ 1,386,000 $ 1,386,000 $ 1,386,000