Can someone help me findout about the Cost of Goods Sold

Apple Clu Dog Caogle Wispedia facecook Twitter Linkedin The Weather Chann els and som V Budget Project 2 - Master Budget Help 2 Required Information The following information applies to the questions displayed below) Part 2 of 2 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: Joints 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 sales (frames) for the upcoming months follow. References 350 April 400 June July August Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $10,800 ($900 per month) for expected production of 4,000 units for the year Selling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold. Iguana, Inc., had $11.900 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. Saved ster Budget Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and 1 2 decimal places.) IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April $ 10,000.00 $ May June 2nd Quarter Total $ 35,000.00 11,250.00 $ 13,750.00 Budgeted Sales Revenue Budgeted Cost of Goods Sold $ $ $ $ Budgeted Gross Margin Budgeted Selling and Administrative Expenses 10,000.00 (1,190.00) 11,250.00 (1,220.00) 13,750.00 1,280.00 35,000.00 (3,690.00) Budgeted Net Operating Income $ 8,810.00 $ 10,030.00 $ 12,470.00 $ 31,310.00