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Fixed Budget Report For Year Ended December 31, 2019 Sales $3, 600, 000 Cost of goods sold Direct materials $960, 000 Direct labor 240, 000 Machinery repairs (variable cost) 64,000 Depreciation-Plant equipment (straight-line) 315, 000 Utilities ($48,000 is variable) 198, 000 Plant management salaries 230, 000 2, 007, 000 Gross profit 1, 593, 000 Selling expenses Packaging 80, 000 Shipping 112, 000 Sales salary ( fixed annual amount) 260,000 452, 000 General and administrative expenses Advertising expense 133, 000 Salaries 251, 000 Entertainment expense 100,000 484, 000 Income from operations $ 657,090 Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (19,000 units) $4, 338, 000 Cost of goods sold Direct materials $1, 156, 000 Direct labor 293, 000 Machinery repairs (variable cost) 67, 000 Depreciation-Plant equipment (straight-line) 315, 000 Utilities ( fixed cost is $147, 500) 203, 750 Plant management salaries 240, 000 2, 274, 750 Gross profit 2, 063, 250 Selling expenses Packaging 92, 000 Shipping 126, 000 Sales salary (annual) 276, 000 494, 090 General and administrative expenses Advertising expense 141, 000 Salaries 251, 000 Entertainment expense 103, 000 495, 090 Income from operations $1, 074, 250\f2) With respect to direct material, calculate the following relating to their operating results for the year. a) Assume Phoenix Company paid an average of $15.00 (actual price, AP) a pound for its raw material during the year. How many pounds of raw material did they use? Hint: Actual direct material expenses (connect income statement) divided by 15. Round to the nearest whole number of pounds. Use this as your actual quantity, AQ, for the calculation of DM variances below. b) Using the standard cost card and the exible budget, how many pounds should Phoenix Company have used? Round to the nearest whole number of pounds. Use this as standard quantity, SQ, for the calculations of DM variances below