Morganton Company makes one product and provided the following information to help prepare its master budget:

The budgeted selling price per unit is $$60.$ Budgeted unit sales for June, July, August, and September are $8,600,17,000,19,000,$ and $20,000$ units, respectively. All sales are on credit.

Thirty percent of credit sales are collected in the month of the sale and $70\%$ in the following month.

The ending finished goods inventory equals $25\%$ of the following month$$s unit sales.

The ending raw materials inventory equals $10\%$ of the following month$$s raw materials production needs. Each unit of finished goods requires $5$ pounds of raw materials. The raw materials cost $$2\mathrm{.}40$ per pound.

Thirty five percent of raw materials purchases are paid for in the month of purchase and $65\%$ in the following month.

The direct labor wage rate is $$14$ per hour. Each unit of finished goods requires two direct labor$-$hours.

The variable selling and administrative expense per unit sold is $$1\mathrm{.}80.$ The fixed selling and administrative expense per month is $$67,000.$

$15.$ If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $$6$ per direct labor$-$hour, what is the estimated net operating income for July?