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

Sales $ 128,000 Cash paid for merchandise purchases $ 82,000

Selling and administrative expenses $ 22,000

Accounts payable, May 1st $ 16,200

Accounts payable, May 31st $ 23,000

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?