Tosta 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 2,100 tenant-days, but its actual level of activity was 2,050 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for May: 
-The net operating income in the planning budget for May would be closest to:
Definitions:
Deferred
Accounting term used to describe revenues or expenses that have been incurred but not yet recorded in accordance with accrual accounting principles.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including materials and labor costs.
Reported Gain
The profit reported on financial statements, reflecting the difference between the sale price of an asset and its book value.
Equity Method
An accounting technique used to record investments in other companies, recognizing income proportional to ownership.
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