20 Check my work Iguana, Inc., manufactures bamboo picture frames that sell for $25 each Each frame requires 4 linear feet of bamboo which costs $3.00 per foot. Each frame takes approximately 30 minutes to build and the labor rate averages $15 per hour Iguana has the following inventory policies Ending finished goods inventory should be 40 percent of next month's sales. Ending direct materials inventory should be 30 percent of next month's production Expected unit sales (frames) for the upcoming months follow March April May June 375 450 500 July 600 575 625 August Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $6.000 (5500 per month) for expected production of 5.000 units for the year Selling and administrative expenses are estimated at $550 per month plus $0.70 per unit sold. Iguana, Inc had $11,100 cash on hand on April 1 of its sales 80 percent is in cash or the credit sales. 50 percentis collected during the month of the sale, and 50 percent is collected during the month following the sale peces paid in the following $5,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $350 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment. Required: Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for Iguana. Prepare the cash budget for Iguana. Assume the company can borrow in increments of S1,000 to maintain a $10,000 minimum cash alance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final antwers to 2 decimal places April May June 2nd Quarter Total $ 0.00 Budgeted Cash Receipts Complete this question by entering your answers in the tabs below. ed Required 1 Required 2 Required 3 Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April May June 2nd Quarter Total Budgeted Cash Payments 0.00