Consider the following information:

	Planning Budget	Actual results
Sales- Total $'s	60,000	53,760
Variable Expenses	48,000	40,320
Contribution Margin	12,000	13,440
Fixed expenses	10,000	12,000
Net Income	2,000	1,440

NOTE: Planned sales were 5,000 units. Actual sale price = $11.20.

Compute Net Income (or Net Loss) for the Flexible Budget

Group of answer choices

Net loss $480

Net income $1,520

None of the other answers are correct

Net loss $2,320

Net income $5,280