Kekiwi Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During January, the company budgeted for 6,900 units, but its actual level of activity was 6,910 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Fixed Element per Month Variable element per unit Revenue - $ 39.30 Direct labor $ 0 $ 3.10 Direct materials 0 18.90 Manufacturing overhead 45,900 1.70 Selling and administrative expenses 27,000 0.30 Total expenses $ 72,900 $ 24.00 Actual results for January: Revenue $ 281,473 Direct labor $ 20,591 Direct materials $ 134,889 Manufacturing overhead $ 57,087 Selling and administrative expenses $ 28,063 The net operating income in the flexible budget for January would be closest to: