Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 3 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13.00 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 315 April 290 May 340 June 440 July 390 August 465 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $6,400 ($800 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $690 per month plus $0.60 per unit sold. Iguana, Inc., had $10,400 cash on hand on April 1... Of its sales, 80 percent is in cash. Of the credit sales, 50% is collected during the month of the sale, and 50% 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 $2,400. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $190 in depreciation. During April, Iguana plans to pay $3,400 for a piece of equipment. Required: 1. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April May June 2nd quarter total Budgeted Cash Receipts $ 8,775 $ 10,050 $12,900 $ 31,725 2. Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April May June 2nd quarter total Budgeted Cash Payments 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000.00 to maintain a $10,000.00 minimum cash balance. April May June 2nd Quarter total Beginning Cash Balance $ 10,400 Plus: Budgeted Cash Reciepts $ 8775 $ 10,050 $ 12,900 $ 31,725 Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed/Repaid $ 1,000 Ending Cash Balance