Required information: [The following information applies to the questions displayed below.] Shadee Corp. expects to sell 540 sun visors in May and 420 in June. Each visor sells for $22. Shadee's beginning and ending finished goods inventories for May are 85 and 50 units, respectively. Ending finished goods inventory for June will be 55 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 31 closures on hand on May 1, 21 closures on May 31, and 22 closures on June 30 and variable manufacturing overhead is $1.00 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 $5.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) Budgeted Gross Margin SHADEE CORP Budgeted Income Statement May June Budgeted Net Operating Income 4 SHADEE CORP. Budgeted Income Statement Budgeted Contribution Margin Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Budgeted Net Operating Income May June + SHADEE CORP. Budgeted Income Statement Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Budgeted Sales Returns and Allowances Budgeted Selling and Administrative Expenses Budgeted Net Operating Income May June