Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,100,000 1,007,500 232,500 46,500 295,000 201,000 217,000 251,000 502,500 192,000 $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) Costa Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries $ 3,746,250 $ 1,217,300 284,900 46,250 295,000 212,000 Sales staff commissions 46,250 Depreciation-Machinery 295,000 Supervisory salaries. 212,000 Shipping 250,675 Sales staff salaries (fixed annual amount) Administrative salaries 269,000 509,500 Depreciation-office equipment 192,000 Income 469,625 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance.) For Year Ended December 31 Sales Variable costs Fixed costs PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,500 units) Actual Results (18,500 units) Variances Favorable/Unfavorable 0 Depreciation-Office equipment Income Required: 192,000 469,625 Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance.) For Year Ended December 31 PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,500 units) Actual Results Variances Favorable/Unfavorable (18,500 units) Sales Variable costs Fixed costs 0 0