XYZ Company makes two products, H and L, 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 H Units available at the split-off point .. 54,000 units Allocated joint costs ................... $96,000 Selling price after further processing .. $8.80 per unit Selling price at the split-off point .... $6.10 per unit Additional processing costs ............. $3.20 per unit Product L Units available at the split-off point .. 70,000 units Allocated joint costs ................... $96,000 Selling price after further processing .. $6.70 per unit Selling price at the split-off point .... $3.25 per unit Additional processing costs ............. $2.90 per unit The further processing of Product L will result in a loss of 8,000 units (i.e., only 62,000 units of Product L will be available for sale if it is processed further). The further processing of Product H 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.