lguana,Inc, manufactures bamboo picture frames that sell for $25 each Each frame requires 4 lnear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 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 (trames) for the upcoming months follow 275 250 300 400 375 425 March May June August 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 $0.60 per unit sold Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). April May 6.25ofs 7,500$ 10,000| $ 23,750 Budgeted Sales Revenue Budgeted Production in Units 1. 2. 270 340 1,000 . Budgeted Cost of Raw Material Purchases$2,328S2,840$ 3,132 8,300 s 1,620 2,040 2.340 6,00o $ 1,881.001,902.0o$ 1,917.00 $ 5,700.00 $ 15,105.00$ 15,105.00 2.520 s 2,520.00 4. Budgeted Direct Labor Cost 5. Budgeted 6 Budgeted Cost of Goods Sold 7. Total Budgeted Selling and Adm. Expenses Overhead