Required information SB Exercise E8-5 to E8-10 (The following information applies to the questions displayed below.] Shadee Corp. expects to sell 590 sun visors in May and 430 in June. Each visor sells for $27. Shadee's beginning and ending finished goods inventories for May are 70 and 50 units, respectively. Ending finished goods inventory for June will be 55 units. E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h) Each visor requires a total of $5.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $1.50 each. Shadee wants to have 30 closures on hand on May 1, 23 closures on May 31, and 22 closures on June 30 and variable manufacturing overhead is $2.00 per unit produced. Suppose that each visor takes 0.50 direct labor hours to produce and Shadee pays its workers $10 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 $6.00.) (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 E8-11 (Algo) Calculating Cash Receipts (LO 8-4] Shadee Corp. expects to sell 610 sun visors in May and 380 in June. Each visor sells for $12. Shadee's beginning and ending finished goods inventories for May are 75 and 60 units, respectively. Ending finished goods inventory for June will be 50 units. It expects the following unit sales for the third quarter: July August September 500 490 440 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. (Do not round your intermediate calculations. Round your answers to the nearest whole dollar.) August September Total Cash Receipts