Iguana, Incorporated, manufactures bamboo picture frames that seli for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to buld, and the labor rate averages $13 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: Vatiable manutacturing overhead is incurred at a rate of 50.50 per unit produced. Annuai foced manufacturing overhead is estimated to be $8.400 i $700 per month) for expected proctuction of A,200 units for the year Seling and administrotive expenses ate estimated at $750 per month plus $0.50 pet unit soid. Iguana, Incorporated, had $11,000 cash on hand on Aprit 1 . Of its sales. 80 percent is in cash, or the credit sales, 50 percent is coliected during the month of the 5 ale. and 50 percent is collected during the month foliowing the sale. for a piece of equipment. Required: Complete iguana's budgeted income statement for quarter 2. Note: Round cost per unit in intermediate calculations to 2 decimal ploces