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Problem 08-2A 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 15,000 units PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,750,000 Cost of goods sold Direct materials $325,000 Direct labor 225,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (stratght-line) 315,000 Utilities (545,000 is variable) 195,000 Plant management salaries 215,000 1,835,000 Gross profit 1,915,000 Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual amount) 260,000 440,000 General and administrative expenses Advertising expense 127,000 Salaries 251,000 Entertainment expense 100,000 428.000 Incone from operations $ 997,000 Phoenix Company's actual income statement for 2019 follows. $4,578,000 PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (18,000 units) Cost of goods sold Direct materials $1,005,800 Direct labor 279,000 Machinery repairs (variable cost) 63,000 Depreciation-Plant equipment (straight-line) 315,000 Utilities (fixed cost is $147,500) 200, 500 Plant management salaries 224 , Gross profit Selling expenses Packaging 87,750 Shipping 118,000 Sales salary (annual) 277 , General and administrative expenses Advertising expense 136,000 Salaries 251,000 Entertainment expense 103,500 Income from operations 2,086,500 2,491,500 OS 482,750 490, 500 $1,518,250 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 Fixed cost Variable costs Fixed costs