Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below.]Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost$5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 poles ininventory on May 31, and 120 poles in inventory on June 30.Shadee Corporation expects to sell 590 sun shades in May and 400 in June. Eachshade sells for $145. Shadee's beginning and ending finished goods inventories forMay are 70 and 45 shades, respectively. Ending finished goods inventory for Junewill be 50 shades.Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variablemanufacturing overhead is $12 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.Budgeted Gross MarginBudgeted Net Operating IncomeSHADEE CORPORATIONBudgeted Income StatementMayJune

Income Statement:Income Statement shows the expenses incurred and income earned during a period.…

! Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 590 sun shades in May and 400 in June. Each shade sells for $145. Shadee's beginning and ending finished goods inventories for May are 70 and 45 shades, respectively. Ending finished goods inventory for June will be 50 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 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 $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $12 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.

! Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 590 sun shades in May and 400 in June. Each shade sells for $145. Shadee's beginning and ending finished goods inventories for May are 70 and 45 shades, respectively. Ending finished goods inventory for June will be 50 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 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 $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $12 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.

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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