8-1 please do

manufacturing overhead budget

budgeted cost of goods sold

selling and adminastrative expanss

and 8-2 budgeted income statement if possible

. Supplies Inventory connect GROUP A PROBLEMS 8-1 Preparing Operating Budgets Operating Budgets guana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 inear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to ild, and the labor rate averages S12.00 per hour. Iguana has the following inventory policies: bu Ending finished goods inventory should be 40 percent of next month's sales. Ending raw materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: March April May June July August 275 250 300 400 375 425 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7.200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. Required: Prepare the following for Iguana, Inc.,,for the second quarter (April, May, and June). Include each month as well as the quarter 2 total for each budget. 1. Sales budget. 2. Production budget. 3. Raw materials purchases budget. 4. Direct labor budget. Budgetary Planning 5. Manufacturing overhead budget. 6. Budgeted cost of goods sold. 7. Selling and administrative expenses budget. PA8-2 Preparing Budgeted Income Statement Refer to the information in PA8-1. 8-3h Required: Prepare Iguana's budgeted income statement for quarter 2. PA8-3 Preparing Cash Budget LO 8-4 Refer to the information in PA8-1. Iguana, Inc., had $10,800 cash on h 80 percent is in cash. Of the credit sales, 50 percent is collected during the 50 percent is collected during the month following the sale. Of raw materials purchases, 80 percent is paid for during the month cent is paid in the following month. Raw materials purchases for Ma other operating costs are paid during the month incurred. Monthly fixed m includes $150 in depreciation. During April, Iguana plans to pay $3,000 fo rch Required: Prepare the following for Iguana for quarter 2: 1. Budgeted cash receipts. Include each month (April to June) as well as 2. Budgeted cash payments