Required Information SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.) Shadee Corp. expects to sell 560 sun visors in May and 310 in June. Each visor sells for $23. Shadee's beginning and ending finished goods inventories for May are 85 and 55 units, respectively. Ending finished goods Inventory for June will be 70 units. E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h) 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 $2.50 each. Shadee wants to have 35 closures on hand on May 1, 16 closures on May 31, and 28 closures on June 30 and variable manufacturing overhead is $2.50 per unit produced. Suppose that each visor takes 0.40 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional Information: Selling costs are expected to be 10 percent of sales. Fixed administrative expenses per month total $1,700. Required: Complete Shadee's budgeted Income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $4.00.) (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 Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Budgeted Sales Returns and Allowances Budgeted Selling and Administrative Expenses Budgeted Contribution Margin Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales