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 labot rate averages $12.00 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 350 300 400 375 Variable manufacturing overhead is incurred at a rate of $0.30 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 $0.60 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 percentis collected during the month following the sale. of direct-materials purchases, 80 percent is pald for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for Match 1 totaled $2,000. All other operating costs are paid during the month Incurred. Monthly fixed manufacturing overhead Includes $150 in depreciation. During April Iguana plans to pay $3.000 for a plece of equipment Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate colculations to 2 decimal places) IGUANA, INC Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total Budgeted Contribution Margin Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Returns and Allowances Budgeted Sales Revenue Budgeted Selling and Administrative Expenses Budgeted Net Operating Income Required: Complete Iguana's budgeted Income statement for quarter 2. (Round cost per unit in intermediate calculations to 2 decimal places.) IGUANA, INC Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total Budgeted Gross Margin Budgeted Net Operating Income