Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo. which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $11 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 290 280 33e 430 405 455 Variable manufacturing overhead is incurred at a rate of $0.60 per unit produced. Annual fixed manufacturing overhead is estimated to be $7200 (5600 per month) for expected production of 3,000 units for the year Selling and administrative expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Inc., had $11,100 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 fixer manufacturing overhead includes $180 in denreciation During Anri luana nlans to nav 53 300 Expected unit sales (frames) for the upcoming months follow: March April May 290 280 330 430 405 455 June July August Variable manufacturing overhead is incurred at a rate of $0.60 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 3,000 units for the year. Selling and administrative expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Inc., had $11,100 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 $180 in depreciation. During April, Iguana plans to pay $3,300 for a piece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). April May June 1. 2nd Quarter Total $ 0 0 S 0 2. 3 $ 0 4 Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Direct Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold Total Budgeted Selling and Administrative Expenses $ 0 5. $ 0 6. $ 0.00 7 Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total $ 0.00 0.00 $ 0.00 0.00 $ Budgeted Gross Margin 0.00 0.00 $ 0.00 $ 0.00 $ $ Budgeted Net Operating Income Required: 1. Compute the budgeted cash receipts for Iguana. 2 Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April May June 2nd Quarter Total 0.00 Budgeted Cash Receipts Required 2 > Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final.answers to 2 decimal places.) April May June 2nd Quarter Total $ 0.00 Budgeted Cash Payments Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. (Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.) May June April 2nd Quarter Total 0.00 0.00 Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed / Repaid Ending Cash Balance