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 5,400 tenant-days, but its actual level of activity was 5,420 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 Facility expenses Fixed element per month $ 0 Variable element per tenant-day $ 31.90 $ 4,400 $ 7.90 500 12.70 8,800 4.90 7,800 0.20 $ 21,500 $ 25.70 $ 109,180 $ 23,640 $ 36,804 $19,390 $9,168 Administrative expenses The net operating income in the flexible budget for March would be closest to: