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Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.] Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $3, 150, 000 Cost of goods sold Direct materials $ 900, 000 Direct labor 210, 000 Machinery repairs (variable cost) 45, 000 Depreciation-Plant equipment (straight-line) 300 , 000 Utilities ($45,000 is variable) 210, 000 Plant management salaries 220, 000 1, 885, 000 Gross profit 1, 265, 000 Selling expenses Packaging 75, 000 Shipping 90 , 000 Sales salary (fixed annual amount) 235 , 000 400, 000 General and administrative expenses Advertising expense 150,000 Salaries 230 , 000 Entertainment expense 85 , 000 465, 000 Income from operations $ 400 , 000Problem 21-1A Part 1&2 Required: 1&2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Flexible Budget Flexible Budget for: Variable Amount Total Fixed Units Sales Unit Sales o per Unit Cost of 14,000 16,000 Sales $ 210.00 $ 2,940,000 $ 3,360,0 Variable costs Direct materials 62.00 Machinery repairs 14.00 Utilities 3.00 Packaging 6.00 Shipping 6.00 Total variable costs 91.00 Contribution margin Fixed costs Depreciation-Plant equipment (straight-line) Plant management salaries Utilities Sales salary Advertising expense Salaries Entertainment expense Total fixed costs $ 0 $ Income from operations