{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T06:08:10-04:00", "answer_date": "2024-05-27 06:08:10", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1782137", "url": "\/study-help\/questions\/-1782137", "question_creation_date_js": "2024-05-27T06:08:10-04:00", "question_creation_date": "May 27, 2024 06:08 AM", "meta_title": "[Solved] he following information applies to the q | SolutionInn", "meta_description": "Answer of - he following information applies to the questions displayed below. ] Iguana, Incorporated, manufactures bamboo picture | SolutionInn", "meta_keywords": "information,applies,questions,displayed,below,iguana,incorporated,manufactures,bamboo,picture,frames,sell", "question_title_h1": "he following information applies to the questions displayed below. ] Iguana, Incorporated, manufactures bamboo picture frames that sell for $ 2 5 each. Each frame", "question_title": "he following information applies to the questions displayed below. ] Iguana, Incorporated,", "question_title_for_js_snippet": "he following information applies to the questions displayed below Iguana, Incorporated, manufactures bamboo picture frames that sell for $ 2 5 each Each frame requires 4 linear feet of bamboo, which costs $ 2 5 0 per foot Each frame takes approximately 3 0 minutes to build, and the labor rate averages $ 1 4 per hour Iguana has the following inventory policies Ending finished goods inventory should be 4 0 percent of next month's sales Ending direct materials inventory should be 3 0 percent of next month's production Expected unit sales ( frames ) for the upcoming months follow table March , 3 7 0 , April , 4 4 0 , May , 4 9 0 , June , 5 9 0 , July , 5 6 5 , August , 6 1 5 Variable manufacturing overhead is incurred at a rate of $ 0 4 0 per unit produced Annual fixed manufacturing overhead is estimated to be $ 7 , 2 0 0 ( $ 6 0 0 per month ) for expected production of 4 , 5 0 0 units for the year Selling and administrative expenses are estimated at $ 6 5 0 per month plus $ 0 5 0 per unit sold Iguana, Incorporated, had $ 1 1 , 2 0 0 cash on hand on April 1 Of its sales, 8 0 percent is in cash Of the credit sales, 5 0 percent is collected during the month of the sale, and 5 0 percent is collected during the month following the sale Of direct materials purchases, 8 0 percent is paid for during the month purchased and 2 0 percent is paid in the following month Direct materials purchases for March 1 totaled $ 4 , 5 0 0 All other operating costs are paid during the month incurred Monthly fixed manufacturing overhead includes $ 3 4 0 in depreciation During April, Iguana plans to pay $ 3 , 5 0 0 for a piece of equipment 2 Award 2 0 0 0 points Required Compute the budgeted cash receipts for Iguana Compute the budgeted cash payments for Iguana Prepare the cash budget for Iguana Assume the company can borrow in increments of $ 1 , 0 0 0 to maintain a $ 1 0 , 0 0 0 minimum cash balance No interest is charged if the loan is paid off by the end of the next quarter Complete this question by entering your answers in the tabs below Required 3 Compute the budgeted cash receipts for Iguana Note Do not round your intermediate calculations Round final answers to 2 decimal places table , April,May,June, 2 nd Quarter otal , Budgeted Cash Receip", "question_description": "
he following information applies to the questions displayed below.<\/span>]<\/mi><\/mrow><\/math> <\/div>
Iguana, Incorporated, manufactures bamboo picture frames that sell for $<\/span>2<\/mn>5<\/mn><\/mrow><\/math> each. Each frame requires <\/span>4<\/mn><\/mrow><\/math> linear feet of bamboo, which costs $<\/span>2<\/mn>.<\/mn>5<\/mn>0<\/mn><\/mrow><\/math> per foot. Each frame takes approximately <\/span>3<\/mn>0<\/mn><\/mrow><\/math> minutes to build, and the labor rate averages $<\/span>1<\/mn>4<\/mn><\/mrow><\/math> per hour. Iguana has the following inventory policies:<\/span> <\/div>
Ending finished goods inventory should be <\/span>4<\/mn>0<\/mn><\/mrow><\/math> percent of next month's sales.<\/span> <\/div>
Ending direct materials inventory should be <\/span>3<\/mn>0<\/mn><\/mrow><\/math> percent of next month's production. Expected unit sales <\/span>(<\/mi><\/mrow><\/math>frames<\/span>)<\/mi><\/mrow><\/math> for the upcoming months follow:<\/span> <\/div>
\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi><\/mrow><\/math>March<\/span>,<\/mo>3<\/mn>7<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>April<\/span>,<\/mo>4<\/mn>4<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>May<\/span>,<\/mo>4<\/mn>9<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>June<\/span>,<\/mo>5<\/mn>9<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>July<\/span>,<\/mo>5<\/mn>6<\/mn>5<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>August<\/span>,<\/mo>6<\/mn>1<\/mn>5<\/mn>]<\/mi>]<\/mi><\/mrow><\/math> <\/div>
Variable manufacturing overhead is incurred at a rate of $<\/span>0<\/mn>.<\/mn>4<\/mn>0<\/mn><\/mrow><\/math> per unit produced. Annual fixed manufacturing overhead is estimated to be $<\/span>7<\/mn>,<\/mo>2<\/mn>0<\/mn>0<\/mn><\/mtext>(<\/mi><\/mrow><\/math> $<\/span>6<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> per month<\/span>)<\/mi><\/mrow><\/math> for expected production of <\/span>4<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> units for the year. Selling and administrative expenses are estimated at $<\/span>6<\/mn>5<\/mn>0<\/mn><\/mrow><\/math> per month plus $<\/span>0<\/mn>.<\/mn>5<\/mn>0<\/mn><\/mrow><\/math> per unit sold.<\/span> <\/div>
Iguana, Incorporated, had $<\/span>1<\/mn>1<\/mn>,<\/mo>2<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> cash on hand on April <\/span>1<\/mn>.<\/mo><\/mrow><\/math> Of its sales, <\/span>8<\/mn>0<\/mn><\/mrow><\/math> percent is in cash. Of the credit sales, <\/span>5<\/mn>0<\/mn><\/mrow><\/math> percent is collected during the month of the sale, and <\/span>5<\/mn>0<\/mn><\/mrow><\/math> percent is collected during the month following the sale.<\/span> <\/div>
Of direct materials purchases, <\/span>8<\/mn>0<\/mn><\/mrow><\/math> percent is paid for during the month purchased and <\/span>2<\/mn>0<\/mn><\/mrow><\/math> percent is paid in the following month. Direct materials purchases for March <\/span>1<\/mn><\/mrow><\/math> totaled $<\/span>4<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn>.<\/mo><\/mrow><\/math> All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $<\/span>3<\/mn>4<\/mn>0<\/mn><\/mrow><\/math> in depreciation. During April, Iguana plans to pay $<\/span>3<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> for a piece of equipment.<\/span> <\/div>
2<\/mn>.<\/mo><\/mrow><\/math> Award: <\/span>2<\/mn>0<\/mn>.<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> points<\/span> <\/div>
Required:<\/span><\/div>
Compute the budgeted cash receipts for Iguana.<\/span><\/div>
Compute the budgeted cash payments for Iguana.<\/span><\/div>
Prepare the cash budget for Iguana. Assume the company can borrow in increments of $<\/span>1<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> to maintain a $<\/span>1<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter.<\/span> <\/div>
Complete this question by entering your answers in the tabs below.<\/span><\/div>
Required <\/span>3<\/mn><\/mrow><\/math> <\/div>
Compute the budgeted cash receipts for Iguana.<\/span><\/div>
Note: Do not round your intermediate calculations. Round final answers to <\/span>2<\/mn><\/mrow><\/math> decimal places.<\/span> <\/div>
\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi>,<\/mo><\/mrow><\/math>April,May,June,<\/span>2<\/mn><\/mrow><\/math>nd Quarter otal<\/span>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Budgeted Cash Receip<\/span> <\/div><\/span> <\/div><\/div>", "transcribed_text": "", "related_book": { "title": "Comparative international accounting", "isbn": "273703579, 978-0273703570", "edition": "9th Edition", "authors": "Christopher nobes, Robert parker", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/166.jpg", "uri": "\/textbooks\/comparative-international-accounting-9th-edition-166", "see_more_uri": "" }, "free_related_book": { "isbn": "0471010391", "uri": "\/textbooks\/calculus-sol-full-1st-edition-978-0471010395-154169", "name": "Calculus Sol Full", "edition": "1st Edition" }, "question_posted": "2024-05-27 06:08:10", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/the-economics-of-health-and-health-care\/use-figure-172-to-explain-why-cost-minimization-through-a-1257285", "description": "Use Figure 17.2 to explain why cost minimization through a tangency between an isoquant and a budget line does not apply in cases where D and M are either perfect complements or perfect substitutes....", "stars": 3 }, { "url": "\/a-compression-spring-is-needed-to-fit-within-a-1in", "description": "A compression spring is needed to fit within a 1-in diameter hole. 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