Question 2 1.5 points Save Answer 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: Revenue Direct labor Direct materials Manufacturing overhead Fixed element per month Variable element per unit $0 $34.70 $ 0 $ 6.00 0 31,000 13.20 1.90 0.10 $51,300 $21.20 Selling and administrative expenses 20,300 Total expenses The net operating income in the planning budget for July would be closest to: $16,875 $16,200 O $24,144 $23,668