Suppose Chef Kitchen manufactures cast iron skillets. One model is a 10-inch skillet that sells for $28. Chef Kitchen projects sales of 750 10-inch skillets per month. The production costs are $5 per skillet for direct materials, $4 per skillet for direct labor, and $3 per skillet for manufacturing overhead. Chef Kitchen has 70 10-inch skillets in inventory at the beginning of July but wants to have an ending inventory equal to 40% of the next month's sales. Selling and administrative expenses for this product line are $1,200 per month. Chef Kitchen has budgeted cost of goods sold of $9,000 for July.

Compute the budgeted gross profit for July.