Ibis Paper Company prepared the following static budget for? November:

Static Budget

?Units/Volume

11,000

Per Unit

Sales Revenue

$20

$220,000

Variable Costs

77

77,000

Contribution Margin

143,000

Fixed Costs

13,500

Operating? Income/(Loss)

$129,500

If a flexible budget is prepared at a volume of 14,700 ?units, calculate the operating income at 14,700 units of production. The production level is within the relevant range