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Iguana, Incorporated, manufactures bamboo picture frames that sell for $$30$ each. Each frame requires $4$ linear feet of bamboo, which costs $$3\mathrm{.}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 direct materials inventory should be $30$ percent of next month$$s production.

Expected unit sales $($frames$)$ for the upcoming months follow:

March $355$

April $410$

May $460$

June $560$

July $535$

August $585$

Variable manufacturing overhead is incurred at a rate of $$0\mathrm{.}50$ per unit produced. Annual fixed manufacturing overhead is estimated to be $$6,000($$$500$ per month$)$ for expected production of $3,000$ units for the year. Selling and administrative expenses are estimated at $$550$ per month plus $$0\mathrm{.}50$ per unit sold.

Iguana, Incorporated, had $$16,500$ 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 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 $$5,000.$ All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $$310$ in depreciation. During April, Iguana plans to pay $$4,500$ for a piece of equipment.

Required:

Compute the budgeted cash receipts for Iguana.

Compute the budgeted cash payments for Iguana.

Prepare the cash budget for Iguana. Assume the company can borrow in increments of $$1,000$ to maintain a $$16,000$ minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter.