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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

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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 $13 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. March April May June July August 285 270 320 420 395 445 Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $8,400 ($700 per month) for expected production of 4,200 units for the year. Selling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold. Iguana, Inc. had $11,000 cath on hand on April 1 of its sales, 80 percent is in cash or 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 materiais 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 $3,000. All other operating costs are paid during the morth incurred, Monthly fived manufacturing overhead includes $170 in depreciation. During April, iguana plans to pay $3,200 for a piece of equipment Required: Compute the following for Iguana, Inc, for the second quarter (April May, and June) April May June 1 2 Budgeted Sales Revenue Buduated Production in Units Budgeted Cost of Direct Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Dohoad Budgeted Cost of Goods Sold Total Budged Selling and Administrative Expenses 2nd Quarter Total S 0 0 5 5 $ D B 5 7 DO Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) IGUANA, INC Budgeted Income Statement For the Quarter Ending Junie April Mary June 2nd Quarter Total Budget Gross Margin S 0.003 2005 0.005 0:00 0.005 0.00 $ Eu Net Operating income

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