Iguana, Inc, manufactures bamboo picture frames that sell for $30 each. Esch frame requires 4 linear feet of bamboo, which costs $2.50 per foot Each frame takes approximetely 30 minues to build, end the labor rete averages $14 per hour. Iguana has the following inventory policies Ending finished goods inventory should be 40 percent of next month's sales Ending raw materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow March 295 Apri May June 290 340 440 July August 415 465 Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 ($750 per month) for expected production of 5,000 units for the year Selling and administrative expenses are estimated at $800 per month plus $0.50 per unit sold. Iguana, Inc., had $11,800 cash on hand cril1 Or its seles, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percet 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 momth. Raw materials purchases for March 1taled $2,60o. All other operating costs are paid during the month Incurred. Monthly fixed manufecturing overhead includes $190 in depreciation During April, Iguana plans to pay $3,400 for a piece of equipment velue Required Information 8.50 points You did not recelve full credit for this question in a previous attempt Required: Compute the following for Iguana, Inc, for the second quarter (April, May, and June). 2nd Quarter Total May June April 1. Budgeted Sales Revenue Budgeted Production in Units 2. 3. Budgeled Cost of Raw Material Purchases Budgeted Direct Labor Cont 4 Budgeled Manufacturing Overhead Budgeted Cost of Goods Sold Tolal Budgeted Seling and Adm Expenses 5 0.00 7 Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit In Intermedlate calculations and final answers to 2 declmal places.) IGUANA, INC Budgeted Income Statement For the Quarter Ending June 2nd Quarter Total May April June 0.00 $ 0.00 Budgeted Gross Margin $ 0.00 S 0.00 Budgeted Net Operating Income 0.00 S 0.00 S 0.00 S 0.00 Required: 1. Compute the budgeted cash recelpts for Iguana. (Do not round your intermediate calculatlons. Round final answers to 2 declmel places.) April May Jane Budgeted Cash Receipts 0.00 2. Compute the budgeted cesh payments for Iguana (Do not round your Intermediate calculations. Round final answers to 2 decimal places) 2nd Quarter Total May June Apri 0.00 Budgeted Cash Payments 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 "0 answors to 2 decimal places) wherever required. Round your April May June nd Quarter Total Begiving Cash Bance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Belance Cash Borowed/Repaid 0.00 000 Ending Cash Balarce