Iguana, incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $200 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $1200 per houe 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: 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 soid. Iguana, incorporated, had $10,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the crecit 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 purchoses for March 1 totaled $2.000. All other operating costs are paid during the month for a piece of equipment. Pequired: Compiete lquana's budgeted income statement for quarter 2 . Note: Round cost per unit in intermedlate calculations to 2 decimal ploces