Chapter 1: Traditional versus Contribution Margin Income Statement

Streif Incorporated, a local retailer, has provided the following data for the month of June:

Merchandise inventory, beginning balance	$ 42,500
Merchandise inventory, ending balance	$ 56,500
Sales	$ 306,000
Purchases of merchandise inventory	$ 172,000
Selling expense	$ 22,500
Administrative expense	$ 33,500

What was the net operating income for June?