Letts Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During January, the company budgeted for 7.000 units, but its actual level of activity was 6,970 units. The company has provided the following data concerning the formulas to be used in its budgeting Fixed element per month Variable element per unit $30.40 Revenue S 0 Direct labor Direct materials Manufacturing overhead Selling and administrative expenses.... Total expenses....... 46.700 27.800 $74.500 $ 6.10 8.70 1.80 0.20 $16.80 The selling and administrative expenses in the planning budget for January would be closest to $29200 $29,884 $29,194 $30,013