Shadee Corp. expects to sell 580 sun visors in May and 360 in June. Each visor sells for $24. Shadees beginning and ending finished goods inventories for May are 75 and 50 units, respectively. Ending finished goods inventory for June will be 55 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 35 closures on hand on May 1, 17 closures on May 31, and 26 closures on June 30 and variable manufacturing overhead is $1.75 per unit produced. Suppose that each visor takes 0.50 direct labor hours to produce and Shadee pays its workers $12 per hour.

Additional information:

• Selling costs are expected to be 10 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 $3.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)