{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T00:07:47-04:00", "answer_date": "2024-05-28 00:07:47", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1808326", "url": "\/study-help\/questions\/iguana-inc-manufactures-bamboo-picture-frames-that-sell-for-25-1808326", "question_creation_date_js": "2024-05-28T00:07:47-04:00", "question_creation_date": "May 28, 2024 12:07 AM", "meta_title": "[Solved] Iguana, Inc., manufactures bamboo picture | SolutionInn", "meta_description": "Answer of - Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, | SolutionInn", "meta_keywords": "iguana,inc.,manufactures,bamboo,picture,frames,sell,$25,frame,requires,4,linear", "question_title_h1": " Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot.", "question_title": " Iguana, Inc., manufactures bamboo picture frames that sell for $25 each.", "question_title_for_js_snippet": "Iguana, Inc , manufactures bamboo picture frames that sell for $25 each Each frame requires 4 linear feet of bamboo, which costs $3 00 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 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 March April May June July August 320 340 390 490 465 515 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 $10,500 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 direct materials 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 $2,000 All other operating costs are paid during the month incurred Monthly fixed manufacturing overhead includes $240 in depreciation During April, Iguana plans to pay $2,000 for a piece of equipment ", "question_description": "\"image\"image", "transcribed_text": "Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 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 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: March April May June July August 320 340 390 490 465 515 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 $10,500 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 direct materials 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 $2,000. All other operating costs are paid during the month. incurred. Monthly fixed manufacturing overhead includes $240 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment.", "related_book": { "title": "Managerial Accounting", "isbn": "9789813155497, 73379581, 9813155493, 978-0073379586", "edition": "2010 Edition", "authors": "John J. Wild, Ken W. Shaw", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/115.jpg", "uri": "\/textbooks\/managerial-accounting-2010-edition-115", "see_more_uri": "" }, "free_related_book": { "isbn": "0786010843", "uri": "\/textbooks\/balancing-act-the-authorized-biography-of-angela-lansbury-1st-edition-978-0786010844-180358", "name": "Balancing Act The Authorized Biography Of Angela Lansbury", "edition": "1st Edition" }, "question_posted": "2024-05-28 00:07:47", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/figlio-1999-found-that-legislators-are-more-likely-to-mirror", "description": "Figlio (1999) found that legislators are more likely to mirror their constituents preferences during election years than in earlier years of their terms. 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