Required information [The following information applies to the questions displayed below.] Iguana, Incorporated, manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, Which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 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 (frames) for the upcoming months follow. Variable manufacturing overhead is incurred at a rate of 50.30 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 $0.60 per unit sold Iguana. Incorporated, had $12.000 cash on hand on ApriI 1 Or its sales. 80 percent is in cash. Or the credit sales. 50 percent is collected during the month of the sale, and 50 percent is callected during the month following the sale Or 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 totated $2.000. All other operating costs are paid during the month incurred. Monthly foxed manufacturing overhead indudes $250 in depreciation Duting April, Iguana plans to pay $4000 for a piece of equipment Required: Compute the following for Iguanta, Incorporated, for the second quarter (April, May, and June). Varlable manufacturing overhead is incurred at a rate of $0,30 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 $0.60 per unit sold. Iguana, Incorporated, had $12.000 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 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 $250 in depreciation. During April, lguana plans to pay $4,000 for a piece of equipment Required: Compute the following for Iguana, Incorporated, for the second quarter (April, May, and June)