IGUANA, INCORPORATED Budgeted Income Statement For the Quarter Ending June Expected unit sales (frames) for the upcoming months follow: 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, Incorporated, had $10,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Or the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct materials purchases. 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $150 in depreciation. During Aprit, I guana plans to pay $3,000 for a plece of equipment. Required: 1. Compute the budgeted cash receipts for Iguana 2. Compute the budgeted cash payments for Iguana 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iguana. Note: Do not round your intermediate calculations. Round final answers to 2 decimal places. Complete this question by entering your answers in the tabs below. Compute the budgeted cash payments for Iguana. Note: Do not round your intermediate calculations. Round final answers to 2 decimal place Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is pald off by the end of the next quarter. Note: Leave no cell blank enter " 0 " wherever required, Round your answers to 2 decimal places