The following data relates to a company's operating budget for its next operating year: 27 160,000 Sales price per unit (E) Sales volume (units) Costs: Materials () Labour () Energy (E) Depreciation () 13,000 31,000 25,000 105,000 The budget was prepared using the following assumptions: Materials costs are variable. Labour costs are semi-variable with a fixed element of 11,000. Depreciation is a fixed cost. An allowance for an energy price increase of 13% 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 12% The sales volume will increase by 15% The rise in the energy prices should be revised to 7% What will be the company's new labour cost for the year