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 $2.00 per foot. Eoch frame takes approximately 30 minutes to build, and the labor rate averages $12.00 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 promes) for the upcoming months follow March April June July August 275 250 300 400 375 425 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,000 units for the year Seling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. iguana, inc, had $10,800 cash on hand on April 1. or its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during tho month of the sale, and 50 percent is collected during the month following the sale 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 $150 in depreciation. During April, iguana plans to pay $3,000 for a piece of equipment Required: Complete iguano's budgeted income statement for quarter 2. Round cost per unit in intermediate calculations to 2 decimal places.) IGUANA, INC Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total Budgeted Gross Margin $ Ols Ols os Budgeted Net Operating income 5 015 0 $ os