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Shadee Corp. expects to sell 600 sun visors in May and 430 in June. Each visor sells for $22. Shadee's beginning and ending finished goods Inventories for May are 85 and 50 units, respectively, Ending finished goods inventory for June will be 50 units. E8-10 (Algo) Preparing Budgeted Income Statement (LO 8-3h) 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 35 closures on hand on May 1, 20 closures on May 31, and 28 closures on June 30 and variable manufacturing overhead is $2.00 per unit produced. Suppose that each visor takes 0.30 direct labor hours to produce and Shadee pays its workers $11 per hour. Additional information: Selling costs are expected to be 7 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 $5.00.) (Do not round your Intermediate calculations, Round your answers to 2 decimal places.) SHADEE CORP Budgeted Income Statement May June Budgeted Gross Margin E8-10 (Algo) Preparing Budgeted Income Statement (LO 8-3h) 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 35 closures on hand on May 1, 20 closures on May 31, and 28 closures on June 30 and variable manufacturing overhead is $2.00 per unit produced. Suppose that each visor takes 0.30 direct labor hours to produce and Shadee pays its workers $11 per hour. Additional information: Selling costs are expected to be 7 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 $5.00.) (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