Please do not give solution in image format thanku [The followingShadee Corp, expects to sell 550 sun visors in May and 400 in June. Each visor sells for $21. Shadee's beginning allending finished goods inventories for May are 80 and 50 units, respectively. Ending finished goods Inventory for June willbe 70 unitsEach visor requires a total of $5.50 in direct materials that includes an adjustable closure that the company purchases from a supplierat a cost of $2.50 each. Shadee wants to have 29 closures on hand on May 1, 22 closures on May 31, and 26 closures on June 30 andvariable manufacturing overhead is $175 per unit produced Suppose that each visor takes 0.20 direct labor hours to produce andShadee pays its workers $10 per hour.Additional informationSelling costs are expected to be 9 percent of sales• Fixed administrative expenses per month total $1,200.Required:Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $5.00)(Do not round your Intermediate calculations. Round your answers to 2 decimal places.)Budgeted Gross MarginSHADEE CORPBudgeted Income StatementBudgeted Net Operating IncomeMayJune Shadee Corp. expects to sell 550 sun visors in May and 400 in June. Each visor sells for $21. Shadee's beginning andending finished goods inventories for May are 80 and 50 units, respectively. Ending finished goods Inventory for June willbe 70 units.Each visor requires a total of $5.50 in direct materials that includes an adjustable closure that the company purchases from a supplierat a cost of $2.50 each. Shadee wants to have 29 closures on hand on May 1, 22 closures on May 31, and 26 closures on June 30.Additionally, Shadee's fixed manufacturing overhead is $1,200 per month, and variable manufacturing overhead is $1.75 per unitproducedRequired:1. Determine Shadee's budgeted cost of closures purchased for May and June.2. Determine Shadee's budget manufacturing overhead for May and JuneComplete this question by entering your answers in the tabs below.Required 1 Required 2Determine Shadee's budgeted cost of closures purchased for May and June. (Round your answers to 2 decimal places,)Budgeted Cost of Closures PurchasedMay$ 11,550.00

Budgeted Income statement: This is a income statement which shows the net income/loss or loss for…

[The following Shadee Corp, expects to sell 550 sun visors in May and 400 in June. Each visor sells for $21. Shadee's beginning all ending finished goods inventories for May are 80 and 50 units, respectively. Ending finished goods Inventory for June will be 70 units Each visor requires a total of $5 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 29 closures on hand on May 1, 22 closures on May 31, and 26 closures on June 30 and variable manufacturing overhead is $175 per unit produced. Suppose that each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional information Selling costs are expected to be 9 percent of sales • Fixed administrative expenses per month total $1,200. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $5.00) (Do not round your Intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP. Budgeted Income Statement May June

[The following Shadee Corp, expects to sell 550 sun visors in May and 400 in June. Each visor sells for $21. Shadee's beginning all ending finished goods inventories for May are 80 and 50 units, respectively. Ending finished goods Inventory for June will be 70 units Each visor requires a total of $5 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 29 closures on hand on May 1, 22 closures on May 31, and 26 closures on June 30 and variable manufacturing overhead is $175 per unit produced. Suppose that each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional information Selling costs are expected to be 9 percent of sales • Fixed administrative expenses per month total $1,200. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $5.00) (Do not round your Intermediate calculations. Round your answers to 2 decimal places.) SHADEE CORP. Budgeted Income Statement May June

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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