Required information The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $25 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 512 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 ao percent of next month's production Expected unitsoles (frames) for the upcoming months follow Harch April May June July Must 30 100 390 40 165 Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced Gedacturing overed estimated to be $2200 (5600 per month) for expected production of 4.000 units for the yout. Sering and administrative expenses are estimated at $650 per month plus $0,50 per unit sold Iguana, Inc, had $10.500 cash on hand on Apelor its soles 80 percent is in cash or the credit ses so percent collected during the month of the sale and 50 percentis collected during the month other 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 $2.000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead Includes $240 in depreciation. During April, Iguana plans to pay $2.000 for a piece of equipment Required: Complete Iguana's budgeted Income statement for quartet 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) IGUANA, INC Budgeted Income Statement Por the Quarter Ending June April May June 2nd Ouarter Total Budgeted Gross Margin S 0005 0.00 0.005 00 Required: Complete Iguana's budgeted Income statement for quarter 2. (Round cost per unit in intermediate calculations and final answe 2 decimal places.) IGUANA, INC Budgeted Income Statement For the Quarter Ending June April 2nd Quart Budgeted Cross Margin . 000 000 000 00 Budgeted Not Operating Income $ 000 000 000