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 $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 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 $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,800 ( $650 per month) for expected production of 3,000 uhits for the year. Selling and administrative expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Inc., had $10,900 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 collegted 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 $2,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $160 in depreciation. During April, Iguana plans to pay $3,100 for a plece of equipment. Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,800 ( $650 per month) for expected production of 3,000 units for the year. Selling and administrative expenses are estimated 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 incurred. Monthly fixed manufacturing for March 1 totaled $2,500. All other operating costs are paid during the month a piece of equipment. Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). Complete Iguana's budgeted income statement for quarter 2 . (Round cost per unit in intermediate calculations and 2 decimal places.) Iguana, inc., nad siu, yuu casn on nanu on Apili 1. U its sales, ou percent is in casn. Ur the creall saies, ou percemit 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 $2,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $160 in depreciation. During April, Iguana plans to pay $3,100 for a piece of equipment. Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal olaces.) collected during the month of the sale, and bu percent is collected durng the month toliowing 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 $2,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead Includes $160 in depreciation. During April, Iguana plans to pay $3,100 for a piece of equipment. 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cast 1. Compute the budgeted cash receipts for Iguana. Required: 2. Compute the budgeted cash payments for lguana. balance. Complete this question by entering your answers in the tabs below. Ot direct materials purchases, 80 percent is paid tor during the month purchased and 20 percent is paid in the tollowing month. Direct materials purchases for March 1 totaled $2,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $160 in depreciation. During April, Iguana plans to pay $3,100 for a piece of equipment. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum quired: Compute the budgeted cash receipts for Iguana. Compute the budgeted cash payments for Iguana. alance. Complete this question by entering your answers in the tabs below