Required information [The following information applies to the questions displayed below] Iguana, Inc, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 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 nexa 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: Varlable manufacturing overhead is incurred at a rate of $0.50 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 $0.50 per unit sold. Iguana, Ine, 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 following for Iguana, Inc, for the second quarter (April, May, and June). Required information [The following information applies to the questions displayed below] Iguana, Inc, manufactures bamboo picture frames that sell for $30 each. Each frome requites 4 lineat feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $15 per hour. lguana has the following imventory policies: - Ending finished goods inventory should be 40 percent of next month's soles. - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.50 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 $0.50 per unit sold. Iguana, Ine, 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 plece of equipment. Required: Complete lguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) Required information [The following information applies to the questions displayed below] Iguana, Inc, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 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: Variable manufacturing overhead is incurred at a rate of $0.50 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 $0.50 per unit sold. Iguana, Inc, 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: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for lguana. Assume the company can borrow in increments of $1,000 to mointain a $16,000 minimum cash balance. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) Or dyect metries perchaset. Be pertert is pasid for duing the month puchased and ag perwent is paid in Pequirest 1. Coltoute the buageted cash recelets tor iguene 2. Cumpute the busguted cesh peyments for lousta musurim cesth belience. Complete this qutation by entering your answers in the tabs belaw. catcalatone. Porund final answa Astilest 2. Crmpelle the buoyeted cash payments for loume Minituim cah beishce. Complete this question by entering your answers in the tabs below. Prepare the cash twidget for lguaria. Assume the company can burrow le increments of \$1.000 to maintain a $16,000 minimum cosh tialance. (teave no cell tiank enter "o" Wher evet required, Hound your ahywers to 2 decimal plscet.)