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Required Information [The following informotion opplies to the questions disployed below.] Iguans, Inc., manufactures bamboo picture frames that sell for $25 each. Each frome requires 4 linear feet of bomboo. which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguone hos the following inventory policies: - Ending finished goods inventory should be 40 percent of next month's scles. - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (fremes) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annusl fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and odministrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguons, Inc., had $11,200 cash on hend on April 1 . Of its sales, 80 percent is in cash. Of the credit soles, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sole. Of direct materials purchases, 80 percent is poid for during the month purchssed and 20 percent is poid in the following month. Direct materisls purchases for Morch 1 totaled $4,500. All other operating costs are poid during the month incurred. Monthly fixed menufacturing overhesd includes $340 in depreciation. During April, lguans plans to poy $3,500 for a piece of equipment Required: Complete Iguans's budgeted income statement for quarter 2 . (Round cost per unit In Intermedlate calculations and final answers to 2 decimal places.)