Please do not give solution in image format thanku • Selling costs are expected to be 7 percent of sales.• Fixed administrative expenses per month total $1,500.Required:Prepare Shadee's budgeted income statement for the months of May and June.Note: Do not round your intermediate calculations. Round your answers to 2 decimal places.Budgeted SalesBudgeted Cost of Goods SoldBudgeted Gross MarginAnswer is not complete.SHADEE CORPORATIONBudgeted Income StatementBudgeted Selling and Administrative ExpensesBudgeted Net Operating IncomeMayJune$ 85,860.00 $ 58,830.00$ 7,510.20 $ 5,618.10 Required informationSB Exercise E8-5 to E8-10[The following information applies to the questions displayed below.)Shadee Corporation expects to sell 540 sun shades in May and 370 in June. Each shade sells r $159. Shadee'sbeginning and ending finished goods inventories for May are 65 and 40 shades, respectively. Ending finished goodsinventory for June will be 55 shades.E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h]Each shade requires a total of $60.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects tohave 130 in direct materials inventory on May 1, 90 poles in inventory on May 31, and 110 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'sfixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $13 per unit produced.Additional information:Selling costs are expected to be 7 percent of sales.• Fixed administrative expenses per month total $1,500.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.

By creating a budgeted income statement, businesses can better understand their expected financial…

. Selling costs are expected to be 7 percent of sales. Fixed administrative expenses per month total $1,500. 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. Budgeted Sales Budgeted Cost of Goods Sold Budgeted Gross Margin Answer is not complete. SHADEE CORPORATION Budgeted Income Statement Budgeted Selling and Administrative Expenses Budgeted Net Operating Income May June $ 85,860.00 $ 58,830.00 $7,510.20 5,618.10

. Selling costs are expected to be 7 percent of sales. Fixed administrative expenses per month total $1,500. 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. Budgeted Sales Budgeted Cost of Goods Sold Budgeted Gross Margin Answer is not complete. SHADEE CORPORATION Budgeted Income Statement Budgeted Selling and Administrative Expenses Budgeted Net Operating Income May June $ 85,860.00 $ 58,830.00 $7,510.20 5,618.10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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