Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to buld, and the labor rate averages $14 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 Variable manufacturing overhead is incurred at a rate of $0.60 per unit produced. Annual fxed manufacturing overheod is estimoted to be $7,200 ( $600 per month) for expected production of 3,000 units for the yeac Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, incorporated, had $11,000 cash on hand on Aphil 1. Of its sales, 80 percent is in cash. Of the credt sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month foliowing the sale. Of direct materiais purchases, 80 percent is poid for during the month purchased and 20 percent is paid in the toilowing month. Direct materiols purchases for March 1 totaled $3.000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overheod includes $230 in depreciation. During Aprit, lguana plans to pay $2,000 for a piece of equipment. Required: Complete lguana's budgeted income statement for quarter 2 . Note: Round cost per unit in intermediate calculations to 2 decimal places