Phoenix Company's 20 master budget included the following fixed budget report. It is based on an expected proal and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019. Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations $975,000 225,000 60,000 300,000 195,000 200,000 1,955,000 1,045,000 75,000 105,000 250,000 $3,000,000 125,000 241,000 90,000 $ 430,000 456,000 159,000

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…