Required information [The following information applies to the questions displayed below.] Iguana, Inc., manufactures bamboo plcture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo. which costs $3.50 per foot. Each frame takes approximately 30 minutes to bulld, and the labor rate averages $12 per hour. Iguana has the following Inventory policles: - Ending finished goods inventory should be 40 percent of next month's sales. - Ending direct materlals 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 $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold. Iguana, Inc., had $13,600 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 dlrect materlals purchases, 80 percent is pald for during the month purchased and 20 percent is paid In the following month. Direct materlals purchases for March 1 totaled $3,600. All other operating costs are paid during the month Incurred. Monthly fixed manufacturing overhead Includes $210 in depreclatlon. During April, Iguana plans to pay $3,600 for a plece of equlpment. Required: 1. Compute the budgeted cash recelpts for lguana. 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 $12,000mInImum cash palance. 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.) Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash balance. (Leave no cell blank enter " 0 " wherever required. Round your answers to 2 decimal places.)