Conway, 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 Cost of Goods Sold Gross Profit $2,000,000 $1,073,600 $926,400 Operating Expenses ($180,000 is fixed) $688,800 Operating Income Income Taxes (30% of operating income) Net Income $237,600 $71,280 $166,320 If the concert season is slow due to poor weather, Conway estimates that sales could fall to as low as 60,000 T- shirts. Assume Conway 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: O a. At the budgeted level. O b. $96,320 under budget. Oc $23,240 under budget. O d. $54,740 under budget