Required information [The foii'owing information appiies to the questions dismayed below] Iguana. Incorporated. manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linearfeet 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 inventoryr should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: March 295 April 290 May 346 June 446 July 415 August 465 Variable manufacturing overhead is incurred at a rate of $0 20 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 {$750 per mo nth) for expected production of 5,000 units for the year. Selling and administrative expenses are estimated at $800 per month plus $0 50 per unit sold Iguana. Incorporated. had $11,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Ofthe credit sales. 50 percent is collected during the month of the sale. and 50 percent is collected during the month following the sale. Ofdirect 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 1tota|ed $2,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $190 in depreciation. During April. Iguana plans to pay $3400 for a piece of equipment. Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for Iguana 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. No interest is charged ifthe loan is paid off by the end ofthe next quarter Complete this question by entering your answers in the tabs below. Required: 1. Compute the budgeted cash receipts for iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. No interest is charged ifthe loan is paid off bythe end ofthe next quarter. Complete this question by entering your answers in the labs below. Required 1 Required 2 Required 3 Compute le budgeted cash receipts for Iguana. Note: Do not round your intermediate calculations. Round nal answers to 2 decimal places. Budgeted Cash Receipts 0; 11,800.00 -_ $ 11,800.00 Required 2 ) 1. Compute the budgeted cash receipts for iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. No interest is charged ifthe loan is paid off by the end ofthe next quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the budgeted cash payments for Iguana. Note: Do not round your intermediate calculations. Round nal answers to 2 decimal places. ( Required1 Requiredii > 1. Compute the budgeted cash receipts for iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. No interest is charged if the loan is paid off by the end ofthe next quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Note: Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places. Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed i Repaid Ending Cash Balance