Required: 1. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) 2. Compute the budgeted cash payments for lguana. (Do not round your intermediate calculations, Round final answers to 2 decimal places.) Iguana, Inc, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear 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 (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annutal 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. Iguana, Inc., had $10,800 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 sale. Of raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materiais purchases for March 1 totaled $2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $150 in depreciation, During April, Iguana plans to pay $3,000 for a plece of equipment. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000.00 to maintain a $10,000.00 minimum cash balance. (Leave no cell blank enter " 0 " wherever required. Round your answers to 2 decimal places.) \begin{tabular}{|l|l|l|l|} \hline Beginning Cash Batance \\ \hline Plus: Budgeted Cash Receipts \\ \hline Less: Budgeted Cash Payments & & \\ \hline Preliminary Cash Balance & & & \\ \hline Cash Borrowed/Repaid & & & \\ \hline Ending Cash Balance & & & \\ \hline \end{tabular}