Problem 23-2A Preparing and analyzing a flexible budget performance report LO P1, P2, A1 Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units. $3,600,000 PHOENIX COMPANY Fixed Budget Report Tor Year Ended December 31, 2019 Sales Cost of goods sold Direct materials $880,000 Direct labor 160.000 Machinery repairs (variable cost) 80,000 Depreciation Plant equipment (straight-line) 330.000 Utilities (564,000 is variable) 224.000 Plant management salaries 215,000 Gross profit Selling expenses Packaging 96.000 Shipping 128,000 Sales salary (fixed annual amount) 260.000 General and administrative expenses Advertising expense 132.000 Salaries 261,000 Entertainment expense 90,000 Income from operations 1,889,000 1,711,000 484,000 483,000 744,000 $ Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY OMEWORK - p2&40 Phoenix Company's actual income statement for 2019 follows. $4,353,000 es PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (19,000 units) Cost of goods sold $1,061,000 Direct materials Direct labor 199,000 Machinery repairs (variable cost) 86,000 Depreciation-Plant equipment (straight-line) 330,000 Utilities (fixed cost is $157,500) 232,750 Plant management salaries 224,000 Gross profit Selling expenses Packaging 111,500 Shipping 144,500 Sales salary (annual) 278,000 General and administrative expenses Advertising expense 140,000 Salaries 261,000 Entertainment expense 93,500 Income from operations 2,132,750 2,220, 250 534,000 494,500 $1,191,750 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by select unfavorable, and No variance.) PHOENIX COMPANY Flavine Rurat Darlarmana Rene MEWORK-p2&4 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Fav. / Unfav. Variable costs 00 Fixed costs OMEWORK - p284 Saved Variable costs 00 Fixed costs 1 of 2 F lexi