Required Information Use the following information for the Problems below. (Static) [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 15,000 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,080, 208 Costs Direct materials 975, 890 Direct labor 225, 806 Sales staff commissions 69, 298 Depreciation-Machinery 380, ege Supervisory salaries 290, 208 Shipping 225, 208 Sales staff salaries ( fixed annual amount) 250, ege Administrative salaries 411, 290 Depreciation-Office equipment 195, 209 Income $ 159, 209 Problem 8-2A (Static) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18, 809 units) $ 3, 648, 090 Costs Direct materials $ 1, 185,080 Direct labor 278, 980 Sales staff commissions 63, 080 Depreciation-Machinery 390, 080 Supervisory salaries 210, 980 Shipping 261, 580 Sales staff salaries (fixed annual amount) 268, 080 Administrative salaries 419, 080 Depreciation-Office equipment 195, 080 Income $ 468, 580 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No varlance" and enter "0" for zero varlance.)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 varlance.) PHOENIX COMPANY Flexible Budget Performance Report Flexible For Year Ended December 31 Budget (18,000 Actual Results (18,000 units) Variances Favorable/Unfavorable units) Variable costs Fixed costs