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 $2.50 each. Shadee wants to have 32 closures on hand on May 1, 18 closures on May 31, and 24 closures on June 30 and variable manufacturing overhead is $0.75 per unit produced. Suppose that each visor takes 0.90 direct labor hours to produce and Shadee pays its workers $6 per hour. Additional information: Selling costs are expected to be 10 percent of sales. Fixed administrative expenses per month total $1,200. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $2.00.) (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 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 $2.50 each. Shadee wants to have 32 closures on hand on May 1, 18 closures on May 31, and 24 closures on June 30 and variable manufacturing overhead is $0.75 per unit produced. Suppose that each visor takes 0.90 direct labor hours to produce and Shadee pays its workers $6 per hour. Additional information: Selling costs are expected to be 10 percent of sales. Fixed administrative expenses per month total $1,200. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $2.00.) (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