Morganton Company makes one product, and has provided the following information to help prepare the master budget for its first four months of operations:

The budgeted selling price per unit is $ Budgeted unit sales for June, July, August, and September are and units, respectively. All sales are on credit.

Forty percent of credit sales are collected in the month of the sale and in the following month.

The ending finished goods inventory equals of the following months unit sales.

The ending raw materials inventory equals of the following months raw materials production needs. Each unit of finished goods requires kilograms of raw materials. The raw materials cost $ per kilogram.

Thirty percent of raw materials purchases are paid for in the month of purchase and in the following month.

The direct labour wage rate is $ per hour. Each unit of finished goods requires two direct labourhours.

The variable selling and administrative expense per unit sold is $ The fixed selling and administrative expense per month is $

If the company always uses an estimated predetermined plantwide overhead rate of $ per direct labourhour, what is the estimated operating income for July?