Shadee Corp. expects to sell 500 sun visors in May and 340 in June. Each visor sells for $25. Shadees beginning and ending finished goods inventories for May are 60 and 55 units, respectively. Ending finished goods inventory for June will be 60 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 27 closures on hand on May 1, 17 closures on May 31, and 23 closures on June 30 and variable manufacturing overhead is $2.50 per unit produced. Suppose that each visor takes 0.80 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional information:

• Selling costs are expected to be 10 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 $2.10.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)