Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 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 370 April 440 May 490 June 590 July 565 August 615 Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, Inc., had $11,200 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 $4,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $340 in depreciation. During April, Iguana plans to pay $3,500 for a piece of equipment.

question demand: compute the following for iguana, inc, for the second quater (april,may, and june)

1.Budgeted sales revenue

2.Budgeted priduction in units

3.Budgeted cost of raw material purchases

4. Budgeted direct labor cost

5. Budgeted Manufactoring overhead

6. Budgeted cost of goods sold

7. Total budgeted selling and adm.expenses

part2: budgeted income statement for the quarter ending june

part3 compute budgeted cash reciepts for iguana, budgeted cash payments for iguana, Prepare the cash budget for iguana. Assume the company can borrow in increments of 1,000 dollars to maintain a 10,000 dollar minimum cash balance.