Required information (The following information apolles to the questons dosplayed below) Iguana. Incorporated, manulactures bamboo picture frames that seil for 525 each Each frame recuires 4 linear feet of bamboo, which costs $2.00 per foot Each frame takes approximately 30 minutes to build, and the labor rate averages $11 per hour lguana has the following itiventory policies - Ending finished goods imventory 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 Varable manutacturing overhead is incurred at a rate of $060 per unit produced Annual fored manufacturing overhead is estimated to be $7.200 ( $600 per month) for expected production of 3.000 units for the vear Seling and adminstrative expenses are estimated at $700 per month plus $050 per unit sold Iguana, incorpocated, had 51100 cash on hand on Apeil 1 of its sales, 80 percent is in cash Of the credit wales, 50 percent is colected during the month of the sale, and 50 percent is collected diring the morth following the sale Of direct materials purchases, 80 percent is paid for durng the monty purchased and 20 petcent is paid in the following month Drect materiass purchases for March 1 totaled \$2.000 Al other operating costs are paid during the manth incurred. Monthy fixed manulacturing overtead inclodes $180 in deprectation, Durng Apro, Iouana plans to pay $3,300 for a piece of equipment Required: 1. Compute the budgeted cash receipts for lguana 2. Compule the bodgeted cash parments for louana 3. Prepule the cash budpet for louana. Assume the company can borrow in increments of $1,000 to mantan a 510,000 minimum cash balance. No interest is tharged if the loan is paid ofl by the end of the next quarter expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Incorporated, had $11,100 cash on hand on Apdil 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 $2,000. All other operating costs are paid during the month incurred. Monthly foxed manufacturing overhead includes $180 in depreciation. During April, Iguana plans to pay $3,300 for a plece 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 $10,000 minimum cash . As balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iguana. Note: Do not round your intermediate calculations. Round final answers to 2 decimal places. expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Incorporated, had \$11,100 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 $2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $180 in depreciation. During April, lguana plans to pay $3,300 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 $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash payments for Iguana. Note: Do not round your intermediate calculations. Round final answers to 2 decimal places. 1. Compute the budgeted cash receipes for lguans 2 Compute the budgeted cash payments for lgaan: 3. Prepare the cash budpet for louana Assume the conpany can bontow in inciements of $1000 to mairtain a 510,000 minimum canh balance. No interest is charged it the foan is paid off by the end of the next quarter Complete this question by entering vour answers in the tabs below. Prepare the cash budget for fouana. Assupe the company can bectow in hortineits of 31,000 to mintain a s10,000 mirimum cass balance. No interest hs charped if the loan is paid off by the end of the next garter