Suppose Iron Handles manufactures cast iron skillets. One model is a 10 -inch skillet that sells for $36. Iron Handles projects sales of 62510 -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. Iron Handles has 5510 -inch skillets in inventory at the beginning of July but wants to have an ending inventory equal to 35% of the next month's sales. Selling and administrative expenses for this product line are $1,700 per month. Iron Handles has budgeted cost of goods sold of $7,500 for July. Compute the budgeted gross profit for July