[The following information applies to the questions displayed below.]

Shadee Corp. expects to sell 590 sun visors in May and 440 in June. Each visor sells for $25. Shadees beginning and ending finished goods inventories for May are 85 and 60 units, respectively. Ending finished goods inventory for June will be 50 units.

Each visor requires a total of $4.50 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 32 closures on hand on May 1, 22 closures on May 31, and 21 closures on June 30 and variable manufacturing overhead is $2.25 per unit produced. Suppose that each visor takes 0.50 direct labor hours to produce and Shadee pays its workers $6 per hour.

Additional information:

• Selling costs are expected to be 8 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 $7.00.) (Do not round your intermediate calculations. Round your answers to 2 decimal places.)