Iguana, Inc., manufactures bamboo picture frames that sell for $25 esch. Esch frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Esch 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 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 350 March April May June July August 450 550 525 575 Variable manufacturing overhead is incurred sta rate of $0.40 per unit produced. Annual fixed manufacturing overheads estimated to be $10,800 ($900 per month for expected production of 4,000 units for the year. Selling and sciministrative expenses are estimated at $950 per month plus $0.60 per unit sold. Iguana, Inc., had $1,900 cash on hand on April 2 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, 20 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $4,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead Includes $300 in depreciation. During April, Iguans plans to pay $2,000 for a plece of equipment PA8-3 (Algo) Preparing Cash Budget [LO 8-4] Required: 1. Compute the budgeted cash receipts for Iguana 2 Compute the budgeted cash payments for iguan. 3. Prepare the cash budget for iguans. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Compute the budgeted cash receipts for Iguana. Do not round your intermediate calculations. Round final answers to 2 dedmal places.) May June 2nd Quarter Total Budgeted Cash Receipts April (Roma 1 Roquired 2 > Required 1 Required 2 Required 3 Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round firal answers to 2 dedmal places.) April May June 2nd Quarter Total Budgeted Cash Payments 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 $11,000 minimum cash balance. (Leave no cell blank enter "O' wherever required. Round your answers to 2 dedmal places.) April May June 2nd Quarter Total Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed/Repaid Ending Cash Balance