Assume a company reported the following information for this year Budgeted (estimated) production 80,000 units Budgeted sales 80,000 units Production capacity 100,000 units Selling price $ 28 per unit Variable manufacturing cost $ 10 per unit Estimated total manufacturing overhead coat (all fixed) $700,000 Selling and administrative expenses (all fixed) $212,000 Beginning inventories $ Using a predetermined overhead rate based on capacity with units produced as the allocation base, the company's budgeted income statement would report a net operating income that is closest to: 0 Multiple Choice $610,000 1640,000 $613,000 1668.000