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this answer incorrect: https://www.chegg.com/homework-help/questions-and-answers/sb-problem-pa8-1-pa8-3-following-information-applies-questions-displayed--iguana-inc-manuf-q36002614?trackid=YkcsBvNz.

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also this answer incorrect: https://www.chegg.com/homework-help/questions-and-answers/sb-problem-pa8-1-pa8-3-following-information-applies-questions-displayed--iguana-inc-manuf-q35922880?trackid=YkcsBvNz

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SB Problem PA8-1 to PA8-3

[The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo picture frames that sell for $30 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 $12 per hour. Iguana has the following inventory policies:

• Ending finished goods inventory should be 40 percent of next months sales.
• Ending raw materials inventory should be 30 percent of next months production.

Expected unit sales (frames) for the upcoming months follow:

March	280
April	260
May	310
June	410
July	385
August	435

Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,800 ($650 per month) for expected production of 3,000 units for the year. Selling and administrative expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Inc., had $10,900 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.

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 $2,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $160 in depreciation. During April, Iguana plans to pay $3,100 for a piece of equipment.

Required Compute the following for lguana, Inc., for the second quarter (April, May, and June) Answer is complete and correct. April May June Quarter S 7,800 9,300 S 12,300 29,400 4001,030 3,010S 3,650 4015 10,675 1,680$ 2,100 $ 2,400 $ 6,180 762 79081 2,362 4,940 5,890 7,790 18,620 830 |$ 855 01$ 905 0$ 2,590.00 Budgeted Sales Revenue 280 350 2.Budgeted Production in Units 3. 4. Budgeted Direct Labor Cost 5.Budgeted Manufacturing Overhead 6. Budgeted Cost of Goods Sold. Budgeted Cost of Raw Material Purchases Total Budgeted Selling and Adm. Expenses PA8-2 Preparing Budgeted Income Statement [LO 8-3h] Required: Complete lguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) Answer is complete and correct. IGUANA, INC. Budgeted Income Statement For the Quarter Ending June 2nd Quarter Total April May June 7,800.00 9,300.00512,300.0029 400.00 4,940.00 5,890.00 7,790.00 18,620.00 Budgeted Sales Revenue Budgeted Cost of Goods Sold S 2,860.00 3,410.00 4,510.00 10780.00 905.00(2,590.00) Budgeted Gross Margin Budgeted Selling and Administrative Expenses (830.00(855.00) Budgeted Net Operating Income 2,030.00 S 2,555.00 S 3,605.00 8,190.00 1. Compute the budgeted cash receipts for lguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) Answer is complete and correct. April May June Budgeted Cash Rece S 7,860.00 $ 9,150.00 512.000.00 $ 29,010.00 2. Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) Answer is complete but not entirely correct. April May June Budgeted Cash Pa 5 7,962.00 2,660.00s 3,942.00 14,564.00 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. (Leave no cell blank enter"O" wherever required. Round your a decimal places.) Answer is complete but not entirely correct. April 10.900 00 7,860 00 May June otal 0.00 11,683.00S 10.900.00 Beginning Cash Balance Plus: Budgeted Cash Rece Less: Budgeted Cash Pa Preliminary Cash Balance 9. 150 0012.000 00 2901000 0.00 0000$ 0.00 0000$ 0.00 0.00 000 3 s 0.00 000 0.00 Cash Borrowed / Repaid Ending Cash Balance 000 C $ 11.683 00 $ 15.786 000 S 15.786 000