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 $2.00 per foot Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 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 275 250 300 400 375 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced Annual fixed manufacturing overhead is estimated to be 57200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. Iguana, Inc had $10,800 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 re to search O LE * C 2 Required: Complete Iguana's budgeted Income statement for quarter 2 (Round cost per unit in intermediate calculations to 2 decimal ple DOK IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April int May June 2nd Quarter Total onces Budgeted Gross Margin Budgeted Net Operating Income Prev 10 of 10 Next