Iguana, Inc., manufactures bamboo picture frames that sell for $30 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 $15 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:

Expected unit sales (frames) for the upcoming months follow: rc 420 June 520 July 495 August 545 Variable manufacturing overhead is incurred at a rate for the year. Selling and administrative expenses are estimated at $850 per month plus $0.50 per unit sold. $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $9.000 ($750 per month) for expected production of 4,500 units Iguana, Inc., had $11,000 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 foll 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 $3,700. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $270 depreciation. During April, Iguana plans to pay $4,200 for a piece ofequipment. Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). 2nd Quarter Total May April June Budgeted Sales Revenue 1. Budgeted Production in Units 2. Budgeted Cost of Raw Material Purchases 3. Budgeted Direct Labor Cost 4. Budgeted Manufacturing Overhead 5. Budgeted Cost of Goods Sold. 6. Total Budgeted Selling and Adm. Expenses 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 2nd Quarter Total April May June Budgeted Gross Margin Budgeted Net Operating Income