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[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 $2.50 per foot. Each frame takes approximately 30 minutes to build, 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 invertory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhedd is incurred at a rate of $0.40 per unit produced. Annual foed manufacturing overhead is estimated to be $10,800 (\$900 per month) for expected production of 4,000 units for the year Selling and aciministrative expenses are estimated at $950 per month plus $0.60 per unit sold. coilected 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 $4,000. All other operating costs are poid during the month incurred. Monthly fixed manufacturing overhead includes $300 in depreciation. During Aptil, lguana plans to pay $2.000 for a plece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (Apili, May, and June). Required information Whe 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 $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hout. lguana 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 $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $10,800 (\$900 per month) for expected production of 4,000 units for the year 5 elling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold. Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) [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 $2.50 per foot. Each frame takes approximately 30 minutes to build, 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 invertory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhedd is incurred at a rate of $0.40 per unit produced. Annual foed manufacturing overhead is estimated to be $10,800 (\$900 per month) for expected production of 4,000 units for the year Selling and aciministrative expenses are estimated at $950 per month plus $0.60 per unit sold. coilected 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 $4,000. All other operating costs are poid during the month incurred. Monthly fixed manufacturing overhead includes $300 in depreciation. During Aptil, lguana plans to pay $2.000 for a plece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (Apili, May, and June). Required information Whe 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 $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hout. lguana 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 $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $10,800 (\$900 per month) for expected production of 4,000 units for the year 5 elling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold. Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.)