Budgeted cash payments

Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $15,000 minimum cash balance. (Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.)

CH 8 HW 3 Required information Part 3 of 3 [The following information applies to the questions displayed below] guana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour guana has the following inventory policies: 3.34 points 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 eBook Expected unit sales (frames) for the upcoming months follow March 345 Print April May June 390 440 540 July August 515 References 565 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 6,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, Inc., had $15,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of 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, 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 $3,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $290 in depreciation. During April, Iguana plans to pay $3,000 for a piece of equipment Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for lguana. Assume the company can borrow in increments of $1,000 to maintain a $15,000 minimum cash balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April 2nd Quarter Total May June 0.00 Budgeted Cash Payments Required 1 Required 3 > Required information [The following information applies to the questions displayed below.] Part 1 of 3 Iguana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bambo0, which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: 33 olnts 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. eBook Expected unit sales (frames) for the upcoming months follow: March April May 345 390 Print 440 540 June July August 515 References 565 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 6,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. lguana, Inc., had $15,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of 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, 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 $3,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $290 in depreciation. During April, Iguana plans to pay $3,000 for a piece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June) 2nd Quarter Total April May June 7,800$ 8,800 Budgeted Sales Revenue 1 10,800 27,400 2. Budgeted Production in Units 410 480 530 1,420 2,586S 2,970 S 3,189 $ 3 $ Budgeted Cost of Direct Material Purchases 8,745 2,665$ 3,120 $ 3,445 $ Budgeted Direct Labor Cost 4. 9,230 759$ Budgeted Manufacturing Overhead 5. 723 744 2,226 5,460 7,560 $ 6,160 S 6. Budgeted Cost of Goods Sold 19,180 845 $ $ 2,635.00 $ 7. Total Budgeted Selling and Administrative Expenses 870 920