Required information The following information opplies to the questions displayed belowj Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear foet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to bulld, and the labor rate averages \$12.00 per hour, lguana has the following inventory policies: - Ending finlshed goods inventory should be 40 percent of next monti'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 manufncturing overheod is incurted at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,000 units for the year. Sefiling and administrative expenses are estimated of $650 per month plus $060 per unit sold. Iguana, Incorporated, had $10,800 cash on hand on Apait 1. Or its sales, 80 percent is in cash. Or the credit salos, 50 percent is colected during the month of the sale. and 50 percent is collected during the month following the sale Of direct materials purchases, BO percent is paid for during the month purchased and 20 percent is palid in the following month. Direct inaterials purchases for March 1 totaled \$2.000. All other operating costs are paid during the month incurred, Monthly fixed manufacturing overhead includes $150 in dopreciation. During Aprit, lauana plans to pay $3,000 for a piece of equipment. expenses are estimated at $650 per month plus $0.60 per unit sold tguane, thcorporated, had $10,800 cash on hand on Aprit 1, Or its sates, 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. Or direct moterials putchases, 80 percent is poid for during the month purchased and 20 percent is poid in the following month. Direct materials purchases for March 1 totaled $2,000. All other operating costs are paid during the month Ancurred Monthly fixed manufacturing overthead includes $150 in depreciation. Duting Aprit, Iguana plans to pay $3.000 for a plece of equipment. Pequired: Compute the following for Iguana, incorpototed, for the second quarter (April, May, and June) Note: Do not round your intermediate calculations