The following data relates to a company's operating budget for its next operating year: Sales price per unit () Sales volume (units) Costs: 29 175,000 Materials () Labour () Energy () Depreciation () 19,000 27,000 28,000 105,000 The budget was prepared using the following assumptions: Materials costs are variable. Labour costs are semi-variable with a fixed element of 12,000. Depreciation is a fixed cost. An allowance for an energy price increase of 12% has already been included in the energy costs. The company now wishes to revise the data to incorporate the following updated assumptions: Selling prices will be reduced by 11% The sales volume will increase by 16% The rise in the energy prices should be revised to 6% What will be the company's new labour cost for the year?