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Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo. which costs $3.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 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 soles (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 (\$600 per month) for expected production of 4,500 units for the year. Selling and adiministrative expenses are estimated at $650 per month plus $0.50 per unit soid. Iguana, Incorporated, had $13,600 cash on hand on April 1. Of its sales, 80 percent is in cash. Or the credit sales, 50 percent is collected during the month of the saie, and 50 percent is collected during the month following the sole. Or direct materiais purchases, 80 percent is paid for during the month purchosed and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the morith incurred, Monthly fixed manufacturing overhead indudes $210 in depreciotion. During Aprit, iguana plans to pay $3.600 for a piece of equipment. Requirect: Compute the followina for iauana. incotborated. for the second cuarter iAbrili. May and Junel. Iguana, Incorporated, had $13.600 cash on hand on April 1. Of its sales, 80 percent is in cast. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sate. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month. incurred. Monthiy fixed manufacturing overhead includes $210 in depreciation. During April, Iguana plans to pay $3,600 for a plece of equipment. Required: Compute the following for iguane, incorporated, for the second quarter (Aprili, May, ond June). percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreclation. During April, Iguana plans to pay $3,600 for a piece of equipment. Required: Complete iguana's budgeted income statement for quarter 2. Note: Round cost per unit in Intermediate calculations to 2 decimal places. month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. During April. fguana plans to pay $3,600 for a plece of equipment. Requlred: 1. Compute the budgeted cash recelpts for Iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000minimum casi balance. No interest is charged if the loan is paid off by the end of the next quartet. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iguana. Note: Do not round your Intermediate calculations. Round final answers to 2 decimal places. month. Direct materials purchases for March 1 totaled $3.600. All other operating costs are paid during the manth incurted. Monthly fixed manufacturing overhead includes $210 in depreciation. During April, Iguana plans to poy $3,600 for a plece of equipment. required: 1. Compute the butgeted cash receipts for iguona. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for lguarta. Assume the compony can borrow in incremerits or $1,000 to maintain a $12,000 minimum cash belance. No interest ts chatged if the toan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash payments for fguana. Notes Do not round your intermediate calculations. Round final answers to 2 decimal places. equired: . Compute the budgeted cash receipts for Iguana. . Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash balance. No interest is charged if the loan is pald off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Prepare the cash budget for iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Note: Leave no cell blank enter " 0 " wherever required. Round your answers to 2 decimal places