**I NEED PART 3 ONLY!!! **PARTS 1 & 2 HAVE ALREADY BEEN COMPLETED!!!

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 $2,800. All other operating costs are paid during the month incurred Monthly fixed manufacturing overhead includes $260 in depreciation. During April, Iguana plans to pay $2,500 for a piece of equipment Part 1 of 3 33.33 points Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). Answer is complete and correct. April May June 2nd Quarter Total 1. 2. s Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Raw Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold. Total Budgeted Selling and Adm. Expenses 9,000 380 3.208s 2,660s 852 6.300 S 930 10,250 $ 12,750 s 32,000 450 500 1.330 3,720 $ 4,012 $ 10.940 3,150 s 3,500s 9,310 880s 900 s 2.632 7.175 $ 8,925 S 22.400 955 1 005s 2890.00 S 5. 6. 7 Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $200 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Iguana has the following inventory policies: Part 1 of 3 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 production 33.33 Expected unit sales (frames) for the upcoming months follow. points 330 360 March April May June July 410 519 485 Hugust Variable manufacturing overhead 15 incurred at a rate of $0.40 per unit produced, Annual fixed manufacturing overhead 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 $0.50 per unit sold Iguana, Inc., had $13.500 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 $2.800. Al other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $260 in depreciation During April Iguana plans to pay $2.500 foro piece of equipment. Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour Iguana has the following inventory policies, Part 2 of 3 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 production. Expected unit sales (frames) for the upcoming months follow 33.33 points March April May June July August Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead 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 $0 50 per unit sold. Iguana, Inc., had $13,500 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 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 $2 800. All other operating costs are paid during the month incurred Monthly fixed manufacturing overhead Inces $260 in depreciation During April, Iguana plans to pay $2.500 for a plece of equipment Required: of equipment Part 2013 Required: Complete Iguana's budgeted income statement for quarter 2 (Round cost per unit in intermediate calculations and for 2 decimal places.) 33.33 points Answer is complete and correct. IGUANA, INCI Budgeted Income Statement For the Quarter Ending June April May 2nd Quarter Total Budgeted Sales Revenue Budgeted Cost of Goods Sold s 9,000.00 6,300.00 $ 10.250.00 7.175.00 $12.750 00 8.925 00 32 000.00 22 400 00 Budgeted Gross Margin Budgeted Selling and Administrative Exp $ 270000 930.00 S 307500 95.00 $ 3825.00 1.00500 S 9.60000 2 89000 nises Budgeted Net Operating Income 312000S 2820.003710.00 Iguana, Inc., manufactures bamboo picture frames that sell for $25 each Each frame requires 4 linear feet of bamboo which costs $2.00 per foot. Each frame takes approximately 30 minutes to build and the labor rate averages $14 per hour Iguana has the following inventory policies Part 3 of 3 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 production Expected unit sales (frames) for the upcoming months follow 33 34 Doints July Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead 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 S750 per month plus $0.50 per unit soldi Iguana, Inc., had $13.500 cash on hand on April of its soles 80 percentis in cash Of the credit sales. 50 percentis 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 totole. S2.800 Al other operating costs are paid during the month incurred Monthly fixed manufacturing overhead Indudes $260 n epreciation. During April uans plans to pay $2.500 for a piece of equipment Required: 1. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 de places.) Port 3 of 3 33.34 points Answer is complete and correct. April May June 8,925.00 $10,125.00 $12,500.00 S 31.550.00 Total Budgeted Cash Receipts S a. (Do not round your intermediate calculations. Round final answers to 2 2. Compute the budgeted cash decimal places.) Answer is complete but not entirely correct. April May June 2nd Quarter S 9,808 40S 8 342.60s 9.098 50 ls 27249 50 Budgeted Cash Payments Required information Part 3 of 3 33.34 points 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $13.000 minimum cash balance. (Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.) Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed / Repaid Ending Cash Balance Answer is complete but not entirely correct. April May June 2nd Quarter Total $ 13,500.00 $ 13,356.60 S 13,879.00 $ 0.00 8.925.00 10.125.00 12,500.00 31,550.00 10.068.40 X 8,602,60 % 9,358,60 28.029.60 $ 12.356 603 S 14,879.00 3 S 17.020.40 S 0.00 1.000,00 (1.000. 00 0 .00 0.00 13,356.60 3 5 13,879.00 $ 17,020.40 $ 27.250.00