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. 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 unt 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 paid 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 depreclation. During April, Iguana plans to pay $3,600 for a plece of equlpment. Required: Complete Iguana's budgeted Income statement for quarter 2. (Round cost per unit in intermedlate calculations and final answers to decimal places.)