Shadee Corporation expects to sell 640 sun shades in May and 370 in June. Each shade sells for $146. Shadee's beginning and ending finished goods inventorles for May are 85 and 50 shades, respectively. Ending finlshed goods inventory for June will be 70 shades. E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h] Each shade requites a total of $55.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 100 poles in inventory on May 31 , and 120 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13 per hour. Additionally. Shadee's fixed manufacturing overhead is $9,000 per month, and variable manufacturing overhead is $13 per unit produced. Additional information: - Selling costs are expected to be 10 percent of sales. - Fixed administrative expenses per month total $1,600. Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round your intermediate calculations. Round your answers to 2 decimal places