Classic Loungers is in the process of preparing a production cost budget for August. Actual costs in July for 400 chaise lounge chairs were:

Materials cost $ 6,000

Labor cost 8,000

Rent 2,000

Depreciation 4,000

Other fixed costs 5,000

Total $ 25,000

Material cost and Labor cost are considered variable. Each chair was sold for $160 in July. Management estimates that sales will increase to 440 chairs during August if the company lowers the selling price to $150 per chair. What is the incremental profit (loss) associated with the price reduction?