Required information The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $30 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 $13 per hour Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month's sales Ending raw materials inventory should be 30 percent of next month's production Expected unit sales (frames) for the upcoming months follow: 285 270 320 March April May June July August 420 395 445 Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $8.400 ($700 per month) for expected production of 4,200 units for the year. Selling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold. Iguana, Inc., had $11,000 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 raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $3,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead Includes $170 in depreciation. During April, Iguana plans to pay $3,200 for a piece of equipment De Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate expenses are estimated at $750 per month plus $0.50 per unit sold Part 1 of 3 Iguana, Inc., had $11,000 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 raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $3,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $170 in depreciation. During April, Iguana plans to pay $3,200 for a plece of equipment 33.33 points (8 04:48:58 Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). Answer is complete and correct. April May 2nd Quarter June $ $ $ Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Raw Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold $ $ $ $ $ 8,100 290 3,732 1,885 45 5.670 885 $ $ $ $ 3 9,600 360 4,500 2,340 880 5.720 910 $ $ $ $ 12,000 410 4,938 2,665 905 8.820 960 $30,300 1,060 $ 13,170 $ 6,890 $ 2,630 $ 21.210 2.755.00 Expenses Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi Monthly fixed manufacturing overead includes 31/0 in depreciation. During Apni, Iguana plans to pay $3,200 for a piece of equipment Part 2013 Required: Complete Iguana's budgeted Income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) 33.33 Answer is complete and correct. 8 04:48:47 IGUANA, INC Budgeted Income Statement For the Quarter Ending June 2nd Quarter April May June 0 Budgeted Sales Revenue Budgeted Cost of Goods Sold $ 8,100.00 5.67000 $ 9,600.00 6,720.00 $12,600.00 3.820.00 300.00 21.210.00 $ Budgeted Gross Margin Budgeted Selling and Administrative Expenses $ 2.430.00 885.00 2.800.00 91000 $ 3.780.00 960.00 9.090.00 2.755.00 $ 1,545.00 $ 1.970.00 2.820.00 Budgeted Net Operating Income $ 6,335.00 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Monthy fixea manufacturing overnead includes >/u in deprecianon uunng Apri, iguana plans to pay $3,200 for a piece of equipment Part 3 Required: 1. Compute the budgeted cash receipts for Iguana (Do not round your intermediate calculations. Round final answers to 2 decimal places.) 33 34 DOS (8 04:42:33 Answer is complete and correct. April May June 8.145 00 9.450.00 $12.300.00 $ 29,895.00 June 2nd Quarter Total Budgeted Cash Receipts S 2. Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) Answer is not complete. April May June 2nd Quarter Total 0.00 Budgeted Cash Payments