Shadee Corp. expects to sell 520 sun visors in May and 370 in June. Each visor sells for $23. Shadee's beginning and ending finished goods inventories for May are 65 and 50 units, respectively. Ending finished goods inventory for June will be 55 units. Each visor requires a total of $4.50 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 26 closures on hand on May 1, 19 closures on May 31, and 23 closures on June 30 and variable manufacturing overhead is $0.75 per unit produced. Suppose that each visor takes 0.90 direct labor hours to produce and Shadee pays its workers $9 per hour. Additional information: Selling costs are expected to be 9 percent of sales. Fixed administrative expenses per month total $1,400. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $2.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.) X Answer is complete but not entirely correct. SHADEE CORP. Budgeted Income Statement May June Budgeted Sales Budgeted Cost of Goods Sold $ 11,960.00$ 8,510.00 $ 8,342.00 X $ 6,339.50 X Budgeted Gross Margin Budgeted Selling and Administrative Expenses $ 3,618.00 $ 2,170.50 X $ 2,476.40 $ 2,165.90 Budgeted Net Operating Income $ 1,141.60 X $ 4.60 X