Required information [The following information applies to the questions displayed below] Iguana, inc, manufactures bamboo picture frames that sell for $30 each. Each frame requites 4 lineat feet of bemboo, 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 inventory 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 duting the month following the sele, 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, lguana 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 fate 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. lguana, 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, tguana 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 maintain 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.) Pequites 1. Comoute the dusgeted cash recects for iguena 2. Cimpute the tousgeted cosh peymerits for lousta uritain costh belance. Complete this qutstien by entering your answers in the tabs belaw. Beedest 1. Coengice the buggeted cath rectifs for loushe Complete this question by entering your answers in the tabs below. Prepare the cash buidget for Iguaris. Assumie the compery can burrow in incremeris af \$1,000 to maintain a $16,000 minimum cosh balgnce. (ivenwe no cell tiank anter to Wherever required, Hound your anywers to 2 decimal pisces.)
