As A EE AaBBCD AaBbCc ABCD Heading Heading 2 Required information [The following information applies to the questions displayed below) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguana has the following inventory policies Ending finished goods inventory should be 40 percent of next month's sale Ending direct materials inventory should be 30 percent of next month's production Expected unit sales (frames) for the upcoming months follow March 370 April 440 May 490 June 590 July 565 August615 Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be 57,200 (5600 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 sold. Iguana, Inc, had $11,200 cash on hand on April 1. Orits sales, 80 percent is in cash or the credit sales, 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, 30 percent is paid for during the month purchased and 20 percent is paid in the following month Direct material purchase for March 1 totaled $4,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $340 in depreciation. During April, Iguana plans to pay $3.500 for a piece of equipment Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for guana Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance Compute the budgeted cash receipts for luana. (Do not found MacBook Pro Required: 1. Compute the budgeted cash receipts for Iguana 2. Compute the budgeted cash payments for juana. 3. Prepare the cash budget for luna. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calc Round finallanwesto 2 decimal places.) April May June 2nd Quarter Total Budgeted Cash Receipts LII S0.00 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 Prepare the cash budget for Iguana Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. (Leave no cell blank enter"0" wherever required. Round your answers to decimal places.) April May June 2nd Quarter Total Beginning Cash Balance Plus Budgeted Cash Receipts 1 0 .00 Less: Budgeted Cash Payments 0.00 Preliminary Cash Balance Cash Borrowed/Repaid Ending Cash Balance United States) MacBook Pro