Puppy Palace uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 4,500 tenant-days, but its actual level of activity was 4,480 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for March: Revenue Wages and salaries Food and supplies Fixed element per month $ 0 $ 3,500 Variable element per tenant-day $ 31.00 $ 7.00 900 11.80 8,500 4.00 8,300 0.40 $ 21,200 $ 23.20 $ 108,280 $ 23,550 $ 36,795 Facility expenses Administrative expenses $ 19,300 $ 9,150 The net operating income in the flexible budget for March would be closest to: