Iguana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies:

Ending finished goods inventory should be 40 percent of next months sales. Ending raw materials inventory should be 30 percent of next months production. Expected unit sales (frames) for the upcoming months follow:

March=360 April=420 May=470 June=570 July=545 August=595 Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold.

Iguana, Inc., had $10,800 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 $2,400. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $320 in depreciation. During April, Iguana plans to pay $4,100 for a piece of equipment.

Hey guys I need help with the cash budget for this problem specifically the ones that have a red cross on them...I am not sure where my math is going wrong so please help me out on this. (If you can't see the image, right click and open in a new window)

Also, pleae do NOT round your answers. Leave them in decimals. Thank you!

3. Prepare the cash budget for Iguana Assume the company can borow in increments of $1,000 to maintain a 510,000 minimum cash balance. (Leave no cell blank enter "" wherever required. Round your answers to 2 decimal places.) Answer is complete but not entirely correct. 2nd Quarter Total May 841920 9 300 00 April June 10319 000s 11,200 00 8.0 12.200 13.506 800|S 10,800 00 20,700.00 26,073.20 13,506.80 10800 0001$ )$ Beginning Cash Balance Plus: Budgatad Cash Recaipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Berrowed Repaid Ending Cash Balance 10.660.00 01 7400 20 > | 8.419200151031900 )$ 0.00 8.419.20 )$ 1031900 > |$ 13.506 80 S 0.00 0.00 0.00 13,506.80