Required information SB Exercise E8-5 to E8-10 {The following information applies to the questions displayed below) Shadee Corp. expects to sell 550 sun visors in May and 420 in June. Each visor sells for $25. Shadee's beginning and ending finished goods inventories for May are 65 and 45 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 $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 26 closures on hand on May 1, 23 closures on May 31 and 21 closures on June 30 and variable manufacturing overhead is $1.75 per unit produced. Suppose that each visor takes 0.70 direct labor hours to produce and Shadee pays its workers $6 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 $700.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) Required information www. variable manufacturing overhead is $175 per unit produced. Suppose that each visor takes 070 direct labor hours to produk Shadee pays its workers $6 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 (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