How to calculate cost of goods sold?

Required information [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 $15 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: March 335 April ay 370 420 June 520 July August 495 545 Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 ($750 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $850 per month plus $0.50 per unit sold. lguana, Inc., had $11,000 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the cred it 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 $3,700. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $270 in depreciation. During April, Iguana plans to pay $4,200 for a piece of equipment. equired: ompute the following for lguana, Inc., for the second quarter (April, May, and June) 2nd Quarter Total April May June 15,600 11,100 $ 390 12,600 Budgeted Sales Revenue 39,300 1. 2 Budgeted Production in Units 460 510 1,360 4,110$ 2,925 $ 4,750 $ 5,115 $ 13,975 3. Budgeted Cost of Direct Material Purchases 4 $ $ 10,200 Budgeted Direct Labor Cost 3,450 3,825 5 945 1,005 $ Budgeted Manufacturing Overhead 980 2,930 6 $ Budgeted Cost of Goods Sold 1,035 $ 1,060 $ 1,110 3,205.00 7 Total Budgeted Selling and Administrative Expenses