Shadee Corp. expects to sell 590 sun visors in May and 340 in June. Each visor sells for $17. Shadee's beginning and ending finished goods inventories for May are 65 and 60 units, respectively. Ending finished goods inventory for June will be 65 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 $2.00 each. Shadee wants to have 25 closures on hand on May 1, 16 closures on May 31, and 26 closures on June 30 and variable manufacturing overhead is $1.25 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 12 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 $2.00. (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