Old Antique Store prepared the following budget information for the month of May: Sales are budgeted at $330,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $89,000 on April 30; an inventory increase of $16,000 is planned for May 31. All inventory is marked to sell at cost plus 50 percent. Estimated expense for selling and administrative expenses for the month are $53,000. Depreciation for May is projected at $6,500. Old Antique's budgeted operating income for May is: