Required information [The following information applies to the questions displayed below.] Shadee Corp. expects to sell 550 sun visors in May and 440 in June. Each visor sells for $18. Shadee's beginning and ending finished goods inventories for May are 90 and 50 units, respectively. Ending finished goods inventory for June will be 65 units. 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 $1.50 each. Shadee wants to have 28 closures on hand on May 1, 16 closures on May 31, and 27 closures on June 30. Additionally, Shadee's fixed manufacturing overhead is $1,600 per month, and variable manufacturing overhead is $1.25 per unit produced. Each visor takes 0.60 direct labor hours to produce and Shadee pays its workers $7 per hour. Additional information: Selling costs are expected to be 7 percent of sales. Fixed administrative expenses per month total $1,200. Required: Determine Shadee's budgeted selling and administrative expenses for May and June. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) May June Budgeted Selling and Administrative Expenses Shadee Corp. expects to sell 550 sun visors in May and 440 in June. Each visor sells for $18. Shadee's beginning and ending finished goods inventories for May are 90 and 50 units, respectively. Ending finished goods inventory for June will be 65 units. 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 $1.50 each. Shadee wants to have 28 closures on hand on May 1, 16 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 0.60 direct labor hours to produce and Shadee pays its workers $7 per hour. Additional information: Selling costs are expected to be 7 percent of sales. Fixed administrative expenses per month total $1,200. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $2.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP. Budgeted Income Statement Budgeted Gross Margin Budgeted Net Operating Income May June