Each visor requires a total of $4.50 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 29 closures on hand on May 1, 19 closures on May 31, and 21 closures on June 30 and variable manufacturing overhead is $1.50 per unit produced. Suppose that each visor takes 0.80 direct labor hours to produce and Shadee pays its workers $7 per hour Additional information: Selling costs are expected to be 7 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 $1.80.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP Budgeted Income Statement May June Budgeted Sales Budgeted Contribution Margin Budgeted Gross Margin Budgeted Selling and Administrative Expenses Budgeted Net Operating Income Each visor requires a total of $4.50 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 29 closures on hand on May 1, 19 closures on May 31, and 21 closures on June 30 and variable manufacturing overhead is $1.50 per unit produced. Suppose that each visor takes 0.80 direct labor hours to produce and Shadee pays its workers $7 per hour Additional information: Selling costs are expected to be 7 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 $1.80.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP Budgeted Income Statement May June Budgeted Sales Budgeted Contribution Margin Budgeted Gross Margin Budgeted Selling and Administrative Expenses Budgeted Net Operating Income