Shadee Corp. expects to sell 560 sun visors in May and 310 in June. Each visor sells for $21. Shadees beginning and ending finished goods inventories for May are 65 and 45 units, respectively. Ending finished goods inventory for June will be 55 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 $2.00 each. Shadee wants to have 33 closures on hand on May 1, 19 closures on May 31, and 25 closures on June 30 and variable manufacturing overhead is $2.50 per unit produced. Suppose that each visor takes 0.10 direct labor hours to produce and Shadee pays its workers $11 per hour.

Additional information:

Selling costs are expected to be 6 percent of sales.

Fixed administrative expenses per month total $1,600.

Required:

Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $6.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)