Iguana. Inc, manufactures bamboo picture frames that sel for $25 each. Each frame requires 4 innear feet of bamboo, Which costs $2.00 per foot Each frame takes approximately 30 minutes to bulld, and the labor rate averages $14 per hour Iguana has the following inventory policles - 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 Varlable 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 Seiling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold Iguana, inc, had 513,500 cash on hand on Apni 1 . Or its sales, 80 percent is in cash ot the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct materiais 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 $2,800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $260 in depreclation During Apri. Iguana plans to pay $2,500 tor a plece of equipment. Required: Compute the following for iguana, Inc, for the second quarter (April, May, and June) Requlred Information The following information applies to the questions displayed below] 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 bulld, and the labor rate averages $14 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: Vanable 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 Apnil 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. Or direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materlais 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 Apti, lguana plans to pay $2,500 for a plece of equipment. qulred: Iguana. Inc, manufactures bamboo picture frames that sel for $25 each. Each frame requires 4 innear feet of bamboo, Which costs $2.00 per foot Each frame takes approximately 30 minutes to bulld, and the labor rate averages $14 per hour Iguana has the following inventory policles - 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 Varlable 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 Seiling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold Iguana, inc, had 513,500 cash on hand on Apni 1 . Or its sales, 80 percent is in cash ot the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct materiais 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 $2,800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $260 in depreclation During Apri. Iguana plans to pay $2,500 tor a plece of equipment. Required: Compute the following for iguana, Inc, for the second quarter (April, May, and June) Requlred Information The following information applies to the questions displayed below] 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 bulld, and the labor rate averages $14 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: Vanable 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 Apnil 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. Or direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materlais 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 Apti, lguana plans to pay $2,500 for a plece of equipment. qulred