ook Hubbard Kennel uses tenant-days as its measure of activity, an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 2,300 tenant-days, but its actual level of activity was 2,060 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for January Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses ences Total expenses Fixed Element per Month Variable element per tenant-day $ 0 $31.10 $ 2,300 $ 7.20 1,000 8.10 9,500 2.70 7,000 0.30 $19,800 $18.30 Actual results for January Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses $63,606 $17,282 $10,346 $14,432 $ 7,408 The net operating income in the flexible budget for January would be closest to