E$8-10($Algo$)$ Preparing Budgeted Income Statement $[$LO $8-3$h$]$

Each shade requires a total of $\backslash (\backslash$$ $65\mathrm{.}00\backslash )$ in direct materials that includes $4$ adjustable poles that cost $\backslash (\backslash$$ $10\mathrm{.}00\backslash )$ each. Shadee expects to have $120$ in direct materials inventory on May $1,80$ 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 $\backslash (\backslash$$ $13\backslash )$ per hour. Additionally, Shadee's fixed manufacturing overhead is $\backslash (\backslash$$ $11,000\backslash )$ per month, and variable manufacturing overhead is $\backslash (\backslash$$ $12\backslash )$ per unit produced.

Additional information:

$-$ Selling costs are expected to be $7$ percent of sales.

$-$ Fixed administrative expenses per month total $\backslash (\backslash$$ $1,400\backslash ).$

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 $\backslash (\backslash$mathbf$\{2\}\backslash )$ decimal places.