What is the budgeted Fixed operating expense for January 20x4? (Use the following data to answer this question.) 20X4 ANNUAL BUDGET AMOUNT PERCENT EARNINGS COST OF CONSTRUCTION $1,000,000 100 LABOR MATERIALS SUBCONTRACTS 250,000 450,000 50,000 750,000 250,000 25 45 TOTAL DIRECT COST GROSS MARGIN VARIABLE OPER. EXPENSE 75 25 AUTO AND TRUCK INDIRECT LABOR 20,000 30,000 50,000 2 3 5 TOTAL VARIABLE OPER. EXP FIXED OPER. EXPENSE DEPRECIATION RENT OTHER 12,000 99,600 38,400 150,000 200,000 TOTAL FIXED OPER. EXPENSE TOTAL OPER. EXPENSE NET PROFIT $50,000