Lawes Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During July, the company budgeted for 5,000 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas to be used in its budgeting: Fixed Variable element element per month per unit $34.70 Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses $ 0 @ 31,000 20,300 $51,300 $ 6.00 13.20 1.90 0.10 $21.20 The net operating income in the planning budget for July would be closest to: Multiple Choice $16.200 S16,875 $23,668 $24 144