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Required information [The following information applies to the questions displayed below] Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.50 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 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: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, Incorporated, had $13,600 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 direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3.600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. During Apri, lguana plans to pay $3,600 for a piece of equipment. Required: Required: Compute the following for Iguana, Incorporated, for the second quarter (April, May, and June). Required information [The following information applies to the questions displayed below] Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.50 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 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: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, Incorporated, had $13,600 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 direct materials purchases, 80 percent is pald for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. Duting April, iguana plans to pay $3,600 for a plece of equipment. Required: Complete iguana's budgeted income statement for quarter 2 . Nota: Pnuma rost ner unit in intermediate calculations to 2 decimal places. Required information [The following information applies to the questions displayed below] Iguana, incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $350 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 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: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, incorporated, had $13,600 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 direct materials purchases, 80 percent is poid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurted, Monthly fixed manufacturing overhead includes $210 in depreciation. During April, Iguano plans to pay $3,600 for a piece of equipment. Required: 1. Compute the budgeted cash recelpts for iguana. 2. Compute the budgeted cash poyments for lguana. 3. Prepare the cash budget for lguana. Assume the company can borrow in increments of $1.000 to maintain a 512.000 minimum chsh balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iquana Compute the budgeted cash recelps nor round your intermediate calculatiens. Round final answers to 2 decimal glaces. Required information [The following information applies to the questions displayed below] Luana, incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.50 per foot. Each frame takes approximately 30 minutes to bulld, and the labor rate averages $12 per hour Iguana has the following inventory policies: - Ending finished goods ifventory 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: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4.500 units for the year. 5 elling and odministrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, Incorporated, had $13,600 cash on hand on April 1. Of its 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 direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totoled $3,600. Alt other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. During Aprib, Iguana plans to pay $3,600 for a piece of equipment Required: 1. Compute the budgeted cash receipts for iguana 2. Compute the budgeted cash payments for iguana 3. Propore the cash budget for iguano. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budjeted cash payments for Iguana. Fote Do net rourid your intermediake calculations. Round final answens to 2 decintal ofacers Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 lnear feet of bamboo, which costs $3.50 per foot. Each frame takes approximately 30 minutes to bulld, and the labor rate averages $12 per hour. Iguana has the following inventory policies: - Ending finished goods inventory should be 40 percent of next month's sales. - Ending direct materiais inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0,40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0,50 per unit sold Iguana, incorporated, had $13.600 cash on hand on April 1. Or 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 direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing ovethead includes $210 in depreciotion. During Aprit, Iguana plans to pay $3,600 for a piece of equipment. Required: 1. Compute the budgeted cash receipts for lguana. 2. Compute the budgeted cash payments for iguana. 3. Prepare the cash budget for iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Prepare the cash butget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cast balance. Na interest is charged if the loan is pald off by the end of the next quarter. Mote; Leave no cell biank enter 0 wherever required Raund your answers to 2 . decimal places