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Required intormation [The following information applles to the questions displayed below] Iguano, 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 bulid, and the labor rate overages $12 per hour. Iguana has the following inventory policies: - Ending finished goods inventary 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 (trames) for the upcoming months follow: Variabie 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 administrative expenses are estimated at $650 per month plus $0.50 per unit soid, I Iquana, Incorporated, had $13,600 cash on hand on April 1. Or its sales, 80 percent is in cash, Of the credit saies, 50 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 53,600 . All other operating costs are paid during the month incurred. Monthly fxed manufacturing overhead includes $210 in depreciation, During Aprit, 1guana plans to pay $3.600 for a plece of equipment. Or 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. Monthily fixed manufacturing overhead includes $210 in depreciation. 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. 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 cash baiance. No interest is charged if the loon 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 recelpts for Iguana. Note: Do not round your intermediate calculations. Round final answers to 2 decimal places. 1. Compute the budgeted cash receipts for iguana. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for iguona. Assume the company can borrow in increments of $1,000 to maintain a $12,000minimum cash 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 payments for Iguana. Note: Do not round your intermediate calculations. Round final answers to 2 decimal placess: 1. Compute the budgeted cash recelpts for iguana. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for lguana. Assume the comparny 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. Complete this question by entering your answers in the tabs below. Prepare the cash budget for fguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash bslance. 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
