[The following information applies to the questions displayed below] Shadee Corp. expects to sell 520 sun visors in May and 310 in June. Each visor sells for $16. Shadee's beginning and ending finished goods inventories for May are 70 and 50 units, respectively. Ending finished goods inventory for June will be 60 units. E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h] 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 28 closures on hand on May 1, 19 closures on May 31, and 26 elosures on June 30 and variable manufacturing overhead is $0.75 per unit produced. Suppose that each visor takes 0.40 direct labor hours to produce and Shadee pays its workers $7 per hour. Additional information: . Selling costs are expected to be 11 percent of sales. Fixed administrative expenses per month total $1,300. 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.) Budgeted Gross Margin SHADEE CORP. Budgeted Income Statement May June Budgeted Net Operating Income