Iguana, Incorporated, manufactures bamboo picture frames that sell for $$30$ each. Each frame requires $4$ linear feet of bamboo, which costs $$3\mathrm{.}00$ per foot. Each frame takes approximately $30$ minutes to build, 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:

March $285$

April $270$

May $320$

June $420$

July $395$

August $445$

Variable manufacturing overhead is incurred at a rate of $$0\mathrm{.}50$ per unit produced. Annual fixed manufacturing overhead is estimated to be $$8,400($$$700$ per month$)$ for expected production of $4,200$ units for the year. Selling and administrative expenses are estimated at $$750$ per month plus $$0\mathrm{.}50$ per unit sold.

Iguana, Incorporated, 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 following the sale.

Of 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 $$3,000.$ All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $$170$ in depreciation. During April, Iguana plans to pay $$3,200$ for a piece of equipment. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $$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.

Note: Leave no cell blank enter $"0"$ wherever required. Round your answers to $2$ decimal places.

April May June $2$nd Quarter Total

Beginning Cash Balance $$11,000\mathrm{.}00$

Plus: Budgeted Cash Receipts $8,145\mathrm{.}009,450\mathrm{.}0012,300\mathrm{.}0029,895\mathrm{.}00$

Less: Budgeted Cash Payments $10,230\mathrm{.}608,306\mathrm{.}409,210\mathrm{.}4027,747\mathrm{.}40$

Preliminary Cash Balance

Cash Borrowed $/$ Repaid $2,000\mathrm{.}000\mathrm{.}000\mathrm{.}00$

Ending Cash Balance for the months april may and june