The following fixed budget has been prepared for the year ended Dec 31 based on the assumption of production and sales of 30,000 units. This level of production represents 80% of capacity. Fixed budget for year ended in dcember 31: Sales $1,500,000. Cost of goods sold: Direct materials $540,000. Direct Labor 300,000. Indirect materials (Variable) 15,000. Indirect labor (variable) 21,000. Depreciation 180,000. Salaires 90,000. Utilities (80%) fixed $54,000. Maintenance (40% variable) 33,000. Total COGS 1,233,000. Gross Profit $267,000. Operating expenses: Commissions $45,000. Advertising (fixed) $60,000. Wages (Variable) $15,000. Rent 30,000. Total Operating expenses 150,000.Income from operations $117,000. What is the flexible budget income from operations at 60% capacity?