Required information [The following information applies to the questions displayed below.] Iguana, Incorporated, manufactures bamboo picture frames that sell for $20 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 $13 per hour lguana 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: Voriable manufacturing overhead is incurred at a rate of $0,30 per unit produced. Annual fixed manufacturing overhead is estimated to be $4,800 ( $400 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $450 per month plus $0.50 per unit sold. Iguana, Incorporated, had $11,000 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is colfected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct-materials purchases, 80 percent is paid for during the momh purchased and 20 percent is poid in the following month. Direct moterials purchases for March 1 totaled $3,400. All other operating costs are paid duting the month incurred. Monthly fixed manufacturing overthead includes $330 in depreciation. During Apri, Iguana plans to pay $2,000 for a plece of equipment. Required: Complete Iguana's budgeted income statement for quarter 2. No