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can you help me correct these? (: The following information applies to the questions displayed below) Iguana, Inc., manufactures bamboo picture frames that sell for
can you help me correct these? (:
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 $200 per foot Each frame takes approximately 30 minutes to build, and the laborate averages 5 per hour Iguana has the following inventory policies Ending finished goods inventory should be 40 percent of next month's sales Ending raw materials inventory should be 30 percent of next month's production Expected unnsoles (frames) for the upcoming months follow March April May June 330 360 410 510 485 535 manufacturing overhead is incurred at a rate of $0 40 per unit produced Annual foed manufacturing overhead is estimated to be $8.400 ($700 per month for expected production of 4.000 units for the year Selling and guana Inc. had $13.500 cash on hand on April 1 Ofns 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 raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $2,800. All other operating costs are paid during the month incurred Mortyfed manufacturing overhead includes $260 in depreciation. During April, Iguana plans to pay $2,500 for a piece of equipment 4. Award 356 out of 8.50 points You did not receive full credit for this questionario 4. Award: 3.66 out of 8.50 points Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). $ X $ $ 2nd April May June Quarter Total 1. Budgeted Sales Revenue 9,000 $ 10,250 S 12,750 s 32.000 2. Budgeted Production in Units 1,604 1860 X 2.006 5.470 Budgeted Cost of Raw Material 3. 3.208 IS 3.720 Purchases 4,012 $ 10.940 4. Budgeted Direct Labor Cost S 2 520 $ 2.870 XS 3570 IS 8.960 5. Budgeted Manufacturing Overhead $ 144$ $ 164 Xs 204 XS 512 6. Budgeted Cost of Goods Sold 5544 $ 6,314 X $ 7,854 IS 19,712 7. Total Budgeted Selling and Adm. $ 930 $ 955 $ 1.005 Expenses S 2.890.00 "Red text indicates no response was expected in a cell or a formule-based calculations incorrecta no points deducted $ 5. Award: 3.40 out of 8.50 points Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) IGUANA, INC. Budgeted Income Statement For the Quarter Ending June 2nd April May June Quarter Total Budgeted Sales Revenue $ 9,000.00 $ 10,250.00 $ 12,750 00 32,000.00 Budgeted Selling and Administrative Expenses 3,208.00 X 102,502 712.00 X 3,992.00 % 10,912.00 X $ 5.792.00 S 8,758.00 Budgeted Gross Margin Budgeted Selling and Administrative Expenses (102,492,462.00) 8.697.00 X 7,650.00 % 21,088.00 25,729.00 9,382.00 Budgeted Net Operating Income (1.858.00) (102,501,159.00) $ (624.00) Red text indicates no response was expected in a cell or a formula-based calculation is incorrect: no points deducted (4.641.00Step by Step Solution
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