Required information SB Problem PAB-1 to PA8-3 [The faNowing Maternstar spates to the questions csaidyes below, Iguana, Inc., manufactures bamboo picture frames that sell for $25 esch. Esch frame requires 4 linear feet of bamboo which costs $2.50 per foot Eschframe 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 inventory should be 30 percent of next month's production. Expected unt sales frames for the upcoming months follow 350 450 March April May June July August S5e 525 575 Variable manufacturing overhead is incurred sta rate of $0.40 per unit produced. Annual fixed manufacturing overheads estimated to be $10,000 ($900 per month for expected production of 4.000 units for the year. Selling and scministrative expenses are estimated at $950 per month plus $0.60 per unit sold Iguana, Inc., had $1,900 cash on hand on April 2 Of its sales, 90 percent is in cash Of the credit sales, 50 percentis collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 20 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 paid during the month Incurred. Monthly fixed manufacturing overhead Includes $300 in depreciation. During April, Iguans plans to pay $2,000 for a piece of equipment PAS-1 (Algo) Preparing Operating Budgets [LO 8-3a, b, c, d, e, f, g] Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June April May June 2nd Quarter Total 1. Budgeted Sales Revenue 2. Budgeted Production in Units 2. Budgeted Cost of Direct Material Purchases Budgeted Direct Labor Cost 5. Budgeted Manufacturing Overhead 6. Budgeted Cost of Goods Sold 7. Total Budgeted Selling and Administrative Expenses