IGUANA, INC. General information: Sellin Linear feet of bamboo required per frame Cost of bamboo per foot Hours required to build Average hourly labor rate g price of picture frames $ 25.00 4 $ 2.00 0.50 $ 12.00 Additional information: Ending finished goods inventory should be 40 percent of the next month's sales Ending raw materials inventory should be 30 percent of the next month's production Variable manufacturing overhead rate per unit produced $0.30 Estimated annual fixed manufacturing overhead Expected units of production Estimated monthly selling and administrative expenses $ 7,200 4,000 650 0.60 Fixed Per unit sold Expected number of frames sold in following months March April May 275 250 300 400 375 425 ne Jul August Information for Problem PA08-03: Cash on hand at April 1 Percentage of sales in cash Percentage of credit sales collected during month of sale Percentage of credit sales collected in month following sale Percentage of direct material purchases paid in month purchased Percentage of direct material purchases paid in following month March 1 raw materials purchases Depreciation included in monthly fixed manufacturing overhead Amount expected to be paid for a piece of equipment Minimum cash balance required Borrowing increments $10,800 80% 50% 50% 80% 20% $ 2,000 150 $ 3,000 $10,000 $ 1,000