Complete Iguana's Income Statement for Quarter 2

Lguana, Inc., manufactures bamboo picture frames that sell for $22 each. Each frame requires 3 linear feet of bamboo, which costs $1.50 per foot. Each frame takes approximately 36 minutes to build, and the labor rate averages $9.00 per hour. Iguana has the following inventory policies: Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $6,900 (%575 per month) for expected production of 4,036 units for the year. Selling and administrative expenses are estimated at $670 per month plus $0.50 per unit sold. Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit and final answers to 2 decimal places.)