Neubert Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During December, the company budgeted for 5,300 units, but its actual level of activity was 5,340 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting: 
Actual results for December:
The net operating income in the flexible budget for December would be closest to:
Definitions:
Business Risk
The exposure a company or investor faces due to uncertainties in the market or industry, impacting the company's ability to generate profits.
Financial Risk
The possibility of losing money on an investment or business venture, including risks related to currency, interest rates, and solvency.
Debt/Equity Ratio
A ratio exemplifying the balance of equity to debt in the financing structure for a company’s assets.
Interest Tax Shield
A deduction allowed for the interest paid on debt, thereby reducing taxable income and the total tax owed.
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