E8-10 Preparing Budgeted Income Statement [LO 8-3h] Each visor requires a total of $3.50 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.50 each. Shadee wants to have 28 closures on hand on May 1, 19 closures on May 31, and 24 closures on June 30 and variable manufacturing overhead is $2.25 per unit produced. Suppose that each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $11 per hour. Additional information: Selling costs are expected to be 10 percent of sales. Fixed administrative expenses per month total $1,600. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $1.50.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP. Budgeted Income Statement May Required Information June SB Exercise E8-5 to E8-10 The following information applies to the questions displayed below.) Budgeted Gross Margin Shadee Corp. expects to sell 560 sun visors in May and 400 in June. Each visor sells for $16. Shadee's beginning and ending finished goods inventories for May are 60 and 55 units, respectively. Ending finished goods inventory for June will be 50 units. Budgeted Net Operating Income