XYZ Company makes two products, M and T$,$ in a joint process.

Each product may be sold at the split$-$off point or processed

further and then sold. Information concerning the two products

for the most recent month appears below:

Product M

Units available at the split$-$off point $..45,000$ units

Allocated joint costs $...................$ $$91,000$

Selling price after further processing $..$ $$8\mathrm{.}80$ per unit

Selling price at the split$-$off point $....$ $$6\mathrm{.}20$ per unit

Additional processing costs $.............$ $$3\mathrm{.}10$ per unit

Product T

Units available at the split$-$off point $..70,000$ units

Allocated joint costs $...................$ $$91,000$

Selling price after further processing $..$ $$6\mathrm{.}70$ per unit

Selling price at the split$-$off point $....$ $$3\mathrm{.}45$ per unit

Additional processing costs $.............$ $$2\mathrm{.}90$ per unit

The further processing of Product T will result in a loss of

$6,000$ units $($i$.$e$.,$ only $64,000$ units of Product T will be

available for sale if it is processed further$).$ The further

processing of Product M will not result in the loss of any

units.

Assume XYZ Company makes all sell or process further decisions

correctly.

Calculate the amount of net income reported by XYZ Company last

month.