Shadee Corp. expects to sell 520 sun visors in May and 310 in June. Each visor sells for $26. Shadees beginning and ending finished goods inventories for May are 60 and 60 units, respectively. Ending finished goods inventory for June will be 70 units.

Each visor requires a total of $5.00 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 26 closures on hand on May 1, 21 closures on May 31, and 27 closures on June 30 and variable manufacturing overhead is $1.75 per unit produced. Suppose that each visor takes 0.70 direct labor hours to produce and Shadee pays its workers $12 per hour. Additional information:

Selling costs are expected to be 6 percent of sales.

Fixed administrative expenses per month total $1,500.

Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $1.80.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)

Budget Income Statement: