The following data relates to a company's operating budget for its next operating year: 27 Sales price per unit () Sales volume (units) 160,000 Costs: Materials () 13,000 Labour () 31,000 Energy () 25,000 Depreciation () 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