Tolentino Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During November, the kennel budgeted for 4, 600 tenant-days, but its actual level of activity was 4, 630 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for November Data used In budgeting: Actual results for November: The net operating income in the flexible budget for November would be closest to: $48, 152 $25, 052 $47, 840 $24, 740