Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below Hamby Corporation Balance Sheet June 30 Assets Cash $91,000 Accounts receivable 133.000 Inventory 36,000 Plant and equipment, net of depreciation 213,00 Total assets 5 473,00 Liabilities and Stockholders Equity Accounts payable 574.00 Common stock 328,000 Betained earning 21,000 Total liabilities and stockholders equity $ 47,000 The company managers have made the following additional assumptions and estimates 1. Estimated sales for July August September, and October will be $240.000 $260.000 $250.000 and $270.000, respectively 2. A Sales are on credit and credit sales are collected Each month credit sales are collected 35% in the month of sale and 65 in the month following the sale All of the accounts receivable at June 30 will be collected in July 3. Each month's ending inventory must equal 25 of the cost of next month The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60 in the month following the purchase All of the accounts payable at June 30 will be paid in July 4 Monthly selling and administrative expenses are aways S44000. Each month $8.000 of this total amount is depreciation expense and the remaining 536.000 relates to expenses that are paid in the month they are incurred 5. The company does not an to Dorrow money or pay or decare dividends during the quarter ended Sentember 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended Setember 30 How much is the companys expected Net Operating income for the quarter ending on September 302 stock or repurchase its own stock during the quarter ended September 30. how much is the Company's expected Net Operating Income for the quarter ending on September 30? Multiple Choice $618,000 $300,000 $168,000 $750,000