Vanderhyde 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 May, the kennel budgeted for 3,400 tenant-days, but its actual level of activity was 3,450 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Fixed Variable element per element per month tenant-day $ 46.00 $ 3,200 $ 8.20 2,360 15.30 11,400 6.70 8,750 2.40 $ 25,710 $ 32.60 Actual results for May: $ $ Revenue Wages and salaries Foods and supplies Facility expenses Administrative expenses $ $ $ 163,040 32,910 53,725 33,435 16,730 $ The net operating income in the planning budget for May would be closest to: $25,855 $19,850 $26,319 $20,266