Shadee Corp. expects to sell 530 sun visors in May and 330 in June. Each visor sells for $24. Shadee's beginning and ending finished goods inventories for May are 75 and 45 units, respectively. Ending finished goods inventory for June will be 55 units. E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h) 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, 21 closures on May 31, and 25 closures on June 30 and variable manufacturing overhead is $1.00 per unit produced. Suppose that each visor takes 0.30 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional information: Selling costs are expected to be 11 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 $8.00.) (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