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 $15 per hour Iguana has the following inventory pplicies 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 375 450 500 May 500 June July August 575 625 1 Pie 2 3 of 3 Next > ek my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not Indicato completion. Return to question August 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 5,000 units for the year. Selling and administrative expenses are estimated at $550 per month plus $0.70 per unit sold. Iguana, Inc., had $11,100 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 petent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $5,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $350 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment equired: Compute the following for Iguana, Inc., for the second quarter (April, May, and June) tirely correct. Answer is complete but not entirely correct. April May is 11,250 $ 12,500 540 $ Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Direct Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold Total Budgeted Selling and Administrative Expenses GA A 470 5,892 3,525 735 GA XOOOOO S s 6,660 4,050 770 2nd June Quarter Total 15,000 $ 38,750 590 1.600 7.098 $ 19,650 4,425 $ 12,000 795 5 2,300 12.318 X $ 33,950 970 $.2.735.00 OOOOO S s $ s s 10,152 X $ 11,480 X $ s 865 s 900 $