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 approximotely 30 minutes to build, and the labor rate averages $12 per hour. lguana has the following Inventory polilcles: Ending finished goods inventory should be 40 percent of next month's sales. Ending rew meterials inventory should be 30 percent of next month's production Expected unit sales (frames) for the upcoming months follow: March April May June July August 360 470 570 595 Veriable manufacturing overhead is incurred et a rate of $0.20 per unit produced. Annual fixed menufecturing overheed is estimeted to be $7,200 (S600 per month) for expected production of 4,000 units for the year. Selling and administretive expenses are estimated at $650 per month plus S0.50 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 purcheses, 80 percent is peid for during the month purchesed and 20 percent is peid in the following month, Rew meterials 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