es, 80 percent is In cash. Of the credir sales, 50 percent is collected during the month c Required Information Iguana, Inc., manufatures bamboo picture frames that sell for $30 each. Each frame requtres 4 linear feet of bamboo, which costs $2.50 per foot Each frame takes approximetety 30 minutes to bualid, and the labor rate averages S12 per hour Iguana has the following inventory policles - 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 productiorn. Expected unit sales (frames) for the upcoming months follow March April May June July August 280 260 310 410 385 435 , 80 percent is In cash. Of the credit sales, 50 percent is collected during the mor equired Information xpected unit sales (frames) for the upcoming months follow March April May June July August 280 260 410 385 435 ariable manufacturing overhead is incurred at a rate of $0.40 per unit produced nnual fixed manufacturing overhead is estimated to be $7.800 ($650 per month r expected production of 3,000 units for the year. Selling and administrative penses are estimated at $700 per month plus $0.50 per unit sold. iguana, Inc., had $10.900 cash on hand on Apri 1. Of its sales, 80 percent is in ish Of the credit sales. 50 percent is collectec during the month of the sale. and percent is collected during the month following the sale Required Information March April May June July August 280 260 310 410 385 435 Vartable 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 pald for during the month purchased and 20 percent is pald in the foilowing 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 depreclation. During April, iguana plans to pay $3,100 for a plece of equipment. 2.00 polnts Required: Compute the following for lguana, Inc., for the second quarter (April, May April May 260 $ 1. Budgeted Sales Revenue 2. Budgeted Production in Units 3. Budgeted Cost of Raw Material Purchases 7,800 4. Budgeted Direct Labor Cost 5. Budgeted Manufacturing Overhead 6. Budgeted Cost of Goods Sold 7. Total Budgeted Selling and Adm. Expenses 7,860 s 30 $6,240$ 780 $ 840$ References eBook & Resources Worksheet com/hm.px e second quarter (April, May, and June). April 2nd Quarter Total May Junen 260 $ 310 $ 980 90 s7,800 9,30012,300 29,400 6,2401$ 7,440|$ 9,860|$ 23,540 S 2,940 930S 2,550 es S7,860 9,150 12,000 S 29,010.00 410 S 30 30 30 780 $ 840 $ 780$ entral Colleg Oradel PeopleSoft Ea Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost pe IGUANA, INC Budgeted Income Statement For the Quarter Ending Junde April May Budgeted Gross Margin 0.00 $ 0.i Budgeted Net Operating Income 0.00 S 0, References eBook & Resources rter 2. (Round cost per unit in intemediate calculations and final answ A, INC. ome Statement er Ending June April 2nd Quarter Total May June 0.00 S 0.00 S 0.00 S 0.00 0.00 S 0.00 S 0.00 S 0.00 Central Colleg Orade | PeopleSoft E ecoineudi the budgeted cash receiphs for lquana. (Do not round your inter 1. Compute the budgeted cash receipts for Iguana. (Do not round your inter Budgeted Cash Receipts 2. Compute the budgeted cash payments for Iguana. (Do not round your int April May June2nd Budgeted Cash Payments 3. Prepare the cash budget for Iguana. Assume the company can borrow in i decimal places.) April May June Beginning Cash Balance Plus: Budgeted Cash Receipts Less. Budgeted Cash Payments ana. (Do not round your intermediate calculations. Round final May 2nd Quarter Total 0.00 guana. (Do not round your intermediate calculations. Round fin May June 2nd Quarter Total 0.00 he the company can borrow in increments of $1,000 to maintain a $10 s Central Collegdbrade TPEDpk 3. Prepare the cash budget for Iguana. Assume the company can bor decimal places.) April May Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed / Repaid Ending Cash Balance S 11,442.00 References eBook & Resources Worksheet Difficulty: 3 Hard borrow in increments of $1,000 to maintain a $10,000 minimum cash balan June 2nd Quarter Total 0.00 0.00 es, 80 percent is In cash. Of the credir sales, 50 percent is collected during the month c Required Information Iguana, Inc., manufatures bamboo picture frames that sell for $30 each. Each frame requtres 4 linear feet of bamboo, which costs $2.50 per foot Each frame takes approximetety 30 minutes to bualid, and the labor rate averages S12 per hour Iguana has the following inventory policles - 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 productiorn. Expected unit sales (frames) for the upcoming months follow March April May June July August 280 260 310 410 385 435 , 80 percent is In cash. Of the credit sales, 50 percent is collected during the mor equired Information xpected unit sales (frames) for the upcoming months follow March April May June July August 280 260 410 385 435 ariable manufacturing overhead is incurred at a rate of $0.40 per unit produced nnual fixed manufacturing overhead is estimated to be $7.800 ($650 per month r expected production of 3,000 units for the year. Selling and administrative penses are estimated at $700 per month plus $0.50 per unit sold. iguana, Inc., had $10.900 cash on hand on Apri 1. Of its sales, 80 percent is in ish Of the credit sales. 50 percent is collectec during the month of the sale. and percent is collected during the month following the sale Required Information March April May June July August 280 260 310 410 385 435 Vartable 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 pald for during the month purchased and 20 percent is pald in the foilowing 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 depreclation. During April, iguana plans to pay $3,100 for a plece of equipment. 2.00 polnts Required: Compute the following for lguana, Inc., for the second quarter (April, May April May 260 $ 1. Budgeted Sales Revenue 2. Budgeted Production in Units 3. Budgeted Cost of Raw Material Purchases 7,800 4. Budgeted Direct Labor Cost 5. Budgeted Manufacturing Overhead 6. Budgeted Cost of Goods Sold 7. Total Budgeted Selling and Adm. Expenses 7,860 s 30 $6,240$ 780 $ 840$ References eBook & Resources Worksheet com/hm.px e second quarter (April, May, and June). April 2nd Quarter Total May Junen 260 $ 310 $ 980 90 s7,800 9,30012,300 29,400 6,2401$ 7,440|$ 9,860|$ 23,540 S 2,940 930S 2,550 es S7,860 9,150 12,000 S 29,010.00 410 S 30 30 30 780 $ 840 $ 780$ entral Colleg Oradel PeopleSoft Ea Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost pe IGUANA, INC Budgeted Income Statement For the Quarter Ending Junde April May Budgeted Gross Margin 0.00 $ 0.i Budgeted Net Operating Income 0.00 S 0, References eBook & Resources rter 2. (Round cost per unit in intemediate calculations and final answ A, INC. ome Statement er Ending June April 2nd Quarter Total May June 0.00 S 0.00 S 0.00 S 0.00 0.00 S 0.00 S 0.00 S 0.00 Central Colleg Orade | PeopleSoft E ecoineudi the budgeted cash receiphs for lquana. (Do not round your inter 1. Compute the budgeted cash receipts for Iguana. (Do not round your inter Budgeted Cash Receipts 2. Compute the budgeted cash payments for Iguana. (Do not round your int April May June2nd Budgeted Cash Payments 3. Prepare the cash budget for Iguana. Assume the company can borrow in i decimal places.) April May June Beginning Cash Balance Plus: Budgeted Cash Receipts Less. Budgeted Cash Payments ana. (Do not round your intermediate calculations. Round final May 2nd Quarter Total 0.00 guana. (Do not round your intermediate calculations. Round fin May June 2nd Quarter Total 0.00 he the company can borrow in increments of $1,000 to maintain a $10 s Central Collegdbrade TPEDpk 3. Prepare the cash budget for Iguana. Assume the company can bor decimal places.) April May Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed / Repaid Ending Cash Balance S 11,442.00 References eBook & Resources Worksheet Difficulty: 3 Hard borrow in increments of $1,000 to maintain a $10,000 minimum cash balan June 2nd Quarter Total 0.00 0.00