SB Exercise E$8-5$ to E$8-10$

$[$The following information applies to the questions displayed below.$]$

Shadee Corporation expects to sell $630$ sun shades in May and $420$ in June. Each shade sells for $$152.$ Shadee's beginning and ending finished goods inventories for May are $60$ and $50$ shades, respectively. Ending finished goods inventory for June will be $50$ shades.

E$8-10($Algo$)$ Preparing Budgeted Income Statement $[$LO $8-3$h$]$

Each shade requires a total of $$55\mathrm{.}00$ in direct materials that includes $4$ adjustable poles that cost $$10\mathrm{.}00$ each. Shadee expects to have $120$ in direct materials inventory on May $1,90$ poles in inventory on May $31,$ and $100$ poles in inventory on June $30.$

Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $$13$ per hour. Additionally, Shadee's fixed manufacturing overhead is $$11,000$ per month, and variable manufacturing overhead is $$13$ per unit produced.

Additional information:

Selling costs are expected to be $7$ percent of sales.

Fixed administrative expenses per month total $$1,200.$

Required:

Prepare Shadee's budgeted income statement for the months of May and June.

Note: Do not round your intermediate calculations. Round your answers to $2$ decimal places.