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Shadee Corp. expects to sell 530 sun visors in May and 330 in June. Each visor sells for $25. Shadees beginning and ending finished goods inventories for May are 75 and 55 units, respectively. Ending finished goods inventory for June will be 60 units.

Each visor requires a total of $3.50 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 32 closures on hand on May 1, 23 closures on May 31, and 27 closures on June 30 and variable manufacturing overhead is $1.25 per unit produced. Suppose that each visor takes 0.90 direct labor hours to produce and Shadee pays its workers $10 per hour.

Additional information:

• Selling costs are expected to be 6 percent of sales.
• Fixed administrative expenses per month total $1,400.

Required:

Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $3.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)

Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $3.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)