Hayes Company operated at normal capacity during the current year, producing 50,750 units of its single product. Sales totaled 43,500 units at an average price of $22.50 per unit. Variable manufacturing costs were $10.50 per unit. Fixed costs were incurred uniformly throughout the year and amounted to $161,000 for manufacturing and $52,250 for marketing. There were no opening inventories. What is Hayes operating income (loss) under variable costing?