Im truly struggling...Please help
(The following information applies to the questions displayed below. Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $15 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month's sales. Ending raw materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: March April May June July August 375 450 500 600 575 625 Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $6,000 ($500 per month) for expected production of 5,000 units for the year. Selling and administrative expenses are estimated at $550 per month plus $0.70 per unit sold. sale. Iguana, Inc., had $11,100 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 Of raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $5,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $350 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). Answer is complete but not entirely correct. 1. 2. 3. 2nd April May June Quarter Total $ 11,250 $ 12,500 $ 15,000 $ 38,750 470 540 590 1,600 $ 5,892 $ $ 6,660 6,660$ $ 7,098 $ $ 19,650 $ 3,525 $ 4,050 $ 4,425 $ 12,000 $ 735 $ 770 $ 795 $ 2,300 $ 10,152 $ 1,020 $ 5,840 $ 17,012 $ 865 $ 900 $ 970$ 2,735.00 Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Raw Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold. Total Budgeted Selling and Adm. Expenses 4. 5. 6. 7. Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) Answer is complete but not entirely correct. IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total Budgeted Sales Revenue $ 11,250.00 $ 12,500.00 $ 15,000.00 38,750.00 33,950.00 X Budgeted Cost of Goods Sold 10,152.00 11,480.00 12,318.00 X $ 1,020.00 $ 4,800.00 Budgeted Gross Margin Budgeted Selling and Administrative Expenses $ 1,098.00 865.00 $ 2,682.00 970.00 900.00 2,735.00 Budgeted Net Operating Income $ 233.00 $ 120.00 $ 1,712.00 2,065.00 1. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) Answer is not complete. April May June 2nd Quarter Total Budgeted Cash Receipts 0.00 2. Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) > Answer is complete but not entirely correct. April 2nd Quarter May June Total $ 11,876.00 $12,850.00 $ 37,315.00 Budgeted Cash Payments 12,589.00 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. (Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.) Answer is not complete. April May June 2nd Quarter Total 11,100.00 $ 9,573.90 X $ 10,072.50 $ 11,972.10 11,062.50 12,375.00 14,750.00 38,187.50 (12,588.60) (11,876.40) (12,850.40) (37,315.40) Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed / Repaid Ending Cash Balance $ 9,573.90 $ 10,072.50 $ 11,972.10 $ 15,129.10 $ 233.00 X $ 120.00 $ 1,712.00 $ 2,065.00 X
