You are the president of Our Bakery. Your new accountant, who recently graduated from a local university, presented you with the following income statement for the month of January:

Sales Revenues ..............$660,000

Total January Expenses .......... 595,000

Net Income ..............$ 65,000

By talking to the production departments, you learn that 60,000 units were produced in January at a total cost of $420,000. The sales department notes that 55,000 units were sold for $11 each. Monthly administrative and marketing expenses totaled $75,000.

Required

Based on the above information, calculate the correct amount of net income for January.