Required information [The following information applies to the questions displayed below.] Shadee Corp. expects to sell 620 sun visors in May and 430 in June. Each visor sells for $24. Shadee's beginning and ending finished goods inventories for May are 70 and 50 units, respectively. Ending finished goods inventory for June will be 70 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 $2.50 each. Shadee wants to have 27 closures on hand on May 1, 19 closures on May 31, and 25 closures on June 30 and variable manufacturing overhead is $0.75 per unit produced. Suppose that each visor takes 0.60 direct labor hours to produce and Shadee pays its workers $12 per hour. Additional information: . Selling costs are expected to be 9 percent of sales. Fixed administrative expenses per month total $1,600. 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 Walter Company has the following information for the month of March: Cash balance, March 1 Collections from customers Paid to suppliers Manufacturing overhead Direct labor Selling and administrative expenses $ 17,820 41,450 23,300 7,100 8,750 5,200 Walter pays wages and other cash expenses in the month incurred. Manufacturing overhead includes $1,700 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $8,000 during March. Walter can borrow in increments of $1,000 and would like to maintain a minimum cash balance of $11,000. Required: Prepare Walter's cash budget for the month of March. Beginning Cash Balance Budgeted Cash Receipts Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed Ending cash balance