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Required information [The following information applies to the questions displayed below] Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 inear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate overages $14 per hour lguana 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 50.40 per unit produced. Annual fixed manufacturing overneed is estimated to be $8,400 (\$700 per month) for expected production of 4,000 units for the year, Selling and administrative expenses are estimated at $750 per month plus $50.50 per unit sold percent is collected during the month of the sale, and so percent is collected during the month foliowing the sale. Or direct materias purchases, BO percent is paid for during the month purchased and 20 percent is paid in the foliowing month, Direct materials purchases for March 1 totaled \$2,000. All other operating costs are paid during the month incurred Monthiy fixed manufacturing overhead includes $260 in depreciation. During Aprif Iniana pians to pay $2,500 for a plece of equipment. Required: Compute the following for Iguana, Incorporated, for the second quarter (April, May, and June)