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 S14 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 April May June July August 35e 500 4543 550 525 575 Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced, Annual fixed manufacturing overhead is estimated to be $10,800 (5900 per month for expected production of 4,000 units for the year Selling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold. Iguana, Inc., had $11.900 cash on hand on April 1. Of its sales 80 percent is in cash or the credit sales. 50 percent is collected during the month of the sale and 50 percentis 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 $4,000. All other operating costs are paid during the month incurred Monthly fed manufacturing overhead includes $300 in depreciation During April, Iguana plans to pay $2.000 for a piece of equipment Required: Complete Iguana's budgeted Income statement for quarter 2. Round cost per unit in intermediate calculations and final answers to 2 decimal places) LUANA, the End Apel DO