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 $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 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: March 370 April 440 May 490 June July August 590 565 615 Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold O e Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold Iguana, Inc., had $11,200 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 $4,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $340 in depreciation. During April, Iguana plans to pay $3,500 for a piece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). April May 2nd Quarser Total June 1. Budgeted Sales Revenue 2 Budgeted Production in Units 3 Budgeted Cost of Direct Material Purchases 4 Budgeted Direct Labor Cost 5 Budgeted Manufacturing Overhead 16 Rudnatad Cost of Goods Sald o search e 00 for a piece of equipment 3 Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). pril 2nd Quarter Total May June 1 Budgeted Sales Revenue ook Budgeted Production in Units 3 2. int Budgeted Cost of Direct Material Purchases ences Budgeted Direct Labor Cost Budgeted Manufacturing Overhead 4. 5 6. Budgeted Cost of Goods Sold 7 Total Budgeted Selling and Administrative Expenses here to search