Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 30 closures on hand on May 1, 20 closures on May 31, and 25 closures on June 30 and variable manufacturing overhead is $2.25 per unit produced. Suppose that each visor takes 0.40 direct labor hours to produce and Shadee pays its workers $9 per hour.

Required information (The following information applies to the questions displayed below. Shadee Corp. expects to sell 520 sun visors in May and 410 in June. Each visor sells for $25. Shadee's beginning and ending finished goods inventories for May are 75 and 55 units, respectively. Ending finished goods inventory for June will be 50 units. Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 30 closures on hand on May 1, 20 closures on May 31, and 25 closures on June 30 and variable manufacturing overhead is $2.25 per unit produced. Suppose that each visor takes 0.40 direct labor hours to produce and Shadee pays its workers $9 per hour. Additional information: Selling costs are expected to be 10 percent of sales. Fixed administrative expenses per month total $1,300. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $7.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP. Budgeted Income Statement May June Budgeted Gross Margin Budgeted Net Operating Income