Assume a merchandising company provides the following information from its master budget for the month of May:

Sales $ $123,000$

Cash paid for merchandise purchases $ $77,000$

Selling and administrative expenses $ $17,000$

Accounts payable, May $1$st $ $11,700$

Accounts payable, May $31$st $ $18,000$

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?