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 $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour, lguana 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: Variobie manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $4.800 (\$400 per month) for expected production of 4,000 units for the year. Sellitha and administrative expenses are esvmated at $450 per month plus $0.50 per unit soid. Iguana, Incorporated, 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 direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the foliowing month. Direct moterials purchases for March 1 totaled $3,400. All other operating costs are pald during the month Incurred, Monthly fixed manufacturing overhead includes $330 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment Required: Compute the following for Iguana, Incorporated, for the second quarter (April, May, and June)