Wor Required Information [The following information applies to the questions displayed below] 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. $3,150, eee PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($38,888 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations $ 915,000 248, see 68,eee 338,00 180, eee 220,000 1,945, Bee 1,285,00 75,000 185,080 235,888 415,000 158, see 241,080 75, eee 466, ese $324, eee 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 $324,000 if this level is reached without increasing capacity? A PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2013 Sales (in units) 15,000 18,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income