Baskin Promotions, Inc. sells T-shirts decorated for a variety of concert performers. The company has developed the following budget for the coming year based on a sales forecast of 80,000 T-shirts: Sales $1,700,000 Cost of Goods Sold $935,000 Gross Profit $765,000 Operating Expenses ($150,000 is $523,700 fixed) Operating Income $241,300 Income Taxes (30% of operating $72,390 income) Net Income $168,910 If the concert season is slow due to poor weather, Baskin estimates that sales could fall to as low as 60,000 T-shirts. (iii). Assume Baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. A performance report would indicate that net income was: Select one: a. $30,433 under budget. b. $98,910 under budget. c. At the budgeted level. d. $73,475 under budget