Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cash paid for merchandise purchases Selling and administrative expenses Accounts payable, May 1st Accounts payable, May 31st $ 127,000 $ 81,000 $ 21,000 $ 15,300 $ 22,000 If the company maintains no beginning or ending merchandise inventory and makes all of its inventory purchases on account, what is the budgeted net operating income for May?